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Saudi PMI down to 58.7 pts in March
AI Summary
Content Summary: 
The Kingdom of Saudi Arabia's flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly the S&P Global Saudi Arabia PMI, fell from eight-year high to 58.7 points in March 2023.
Latest data indicated another rapid expansion in the non-oil private sector at the end of the first quarter of 2023, despite pulling back from February's near eight-year record. Output and new business continued to rise, supporting further growth in employment and purchases.
The reading signaled a marked improvement in operating conditions, and one that was among the strongest seen since early 2015, the bank noted in its report.
Non-oil companies particularly noted a sharp uplift in new business intakes in March, as improving market conditions and increased development spending helped boost demand.
Businesses also looked to expand their inventories of inputs, leading to another sharp increase in purchasing activity. Consequently, stock levels rose at the sharpest rate since August 2022. Firms were aided by a strong improvement in supplier performance, which was the greatest in almost a year, the report added.
|
Saudi Arabia PMI since 2019* |
|||
|
Month |
Index (Points) |
Change (Points) |
Change (%) |
|
January 2019 |
56.2 |
-- |
-- |
|
February |
56.6 |
0.4 |
0.7% |
|
March |
56.8 |
0.2 |
0.4% |
|
April |
56.8 |
-- |
-- |
|
May |
57.3 |
0.5 |
0.9% |
|
June |
57.4 |
0.1 |
0.2% |
|
July |
56.6 |
(0.8) |
(1.4 %) |
|
August |
57.0 |
0.4 |
0.7% |
|
September |
57.3 |
0.3 |
0.5% |
|
October |
57.8 |
0.5 |
0.9% |
|
November |
58.3 |
0.5 |
0.9% |
|
December |
56.9 |
(1.4) |
(2.4 %) |
|
January 2020 |
54.9 |
(2.0) |
(3.5 %) |
|
February |
52.5 |
(2.4) |
(4.4 %) |
|
March |
42.4 |
(10.1) |
(19.2 %) |
|
April |
44.4 |
2.0 |
4.7% |
|
May |
48.1 |
3.7 |
8.3% |
|
June |
47.7 |
(0.4) |
(0.8 %) |
|
July |
50.0 |
2.3 |
4.8% |
|
August |
48.8 |
(1.2) |
(2.4 %) |
|
September |
50.7 |
1.9 |
3.9% |
|
October |
51.0 |
0.3 |
0.6% |
|
November |
54.7 |
3.7 |
7.3% |
|
December |
57.0 |
2.3 |
4.2% |
|
January 2021 |
57.1 |
0.1 |
0.2% |
|
February |
53.9 |
(3.2) |
(5.6 %) |
|
March |
53.3 |
(0.6) |
(1.1 %) |
|
April |
55.2 |
1.9 |
3.6% |
|
May |
56.4 |
1.2 |
2.2% |
|
June |
56.4 |
-- |
-- |
|
July |
55.8 |
(0.6) |
(1.1 %) |
|
August |
54.1 |
(1.7) |
(3.0 %) |
|
September |
58.6 |
4.5 |
8.3% |
|
October |
57.7 |
(0.9) |
(1.5 %) |
|
November |
56.9 |
(0.8) |
(1.4 %) |
|
December |
53.9 |
(3.0) |
(5.3 %) |
|
January 2022 |
53.2 |
(0.7) |
(1.3 %) |
|
February |
56.2 |
+3.0 |
+5.6% |
|
March |
56.8 |
+0.6 |
+1.1% |
|
April |
55.7 |
(1.1) |
(1.9 %) |
|
May |
55.7 |
-- |
-- |
|
June |
57.0 |
+1.3 |
+2.3% |
|
July |
56.3 |
(0.7) |
(1.2 %) |
|
August |
57.7 |
+1.4 |
+2.5% |
|
September |
56.6 |
(1.1) |
(1.9 %) |
|
October |
57.2 |
+0.6 |
+1.1% |
|
November |
58.5 |
+1.3 |
+2.3% |
|
December |
56.9 |
(1.6) |
(2.7 %) |
|
January 2023 |
58.2 |
+1.3 |
+2.3% |
|
February |
59.8 |
+1.6 |
+2.7% |
|
March |
58.7 |
(1.1) |
(1.8%) |
*Change on a monthly basis
The PMI is a weighted average of the following five indices:
|
Riyad Bank PMI Details |
|
|
Subindex |
Percentage |
|
New orders |
30 % |
|
Output |
25 % |
|
Employment |
20 % |
|
Suppliers’ delivery times |
15 % |
|
Stocks of purchases |
10 % |
|
Total |
100 % |
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