AI 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, rose to 58.2 points in January 2023.
The index logged the second highest level since September 2021, following November 2022.
Confidence among non-oil private sector firms in Saudi Arabia climbed to a two-year high in January, as companies provided robust forecasts supported by strong inflows of new orders, higher output capacity, increased activity, and lower cost pressures.
According to PMI data, this recovery was driven by positive directional influences from the output, new orders, and stocks of purchases sub-indices, as the three indices witnessed growth rates, while slower rise in employment in addition to greater reduction in delivery times acted against the headline index.
New order inflows continued to rise at a significant pace in January, as firms reported improved demand conditions and increased customer demand.
Similarly, the rate of increase accelerated since December, registering the second-sharpest rise in 16 months.
In addition, demand from foreign clients increased rapidly and to an even greater extent than before at the end of 2022.
Supply chain conditions remained relatively healthy in 2023 start as vendor performance improved at a strong pace as suppliers responded positively to requests for faster deliveries.
|
Saudi Arabia PMI since 2019* |
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|
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% |
*Change on a monthly basis
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