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Saudi Arabia Purchasing Managers’ Index (PMI) for January 2022 slipped 0.7 points to 53.2 points – its lowest level in 15 months - from 53.9 points in December 2021, IHS Markit said in its latest report.
Despite this decline, PMI signalled a solid improvement in the health of the non-oil private sector economy.
A sharp rise in COVID-19 cases led to increased hesitancy among businesses and customers which culminated in the weakest growth of new business since October 2020. The slowdown in demand resulted in a softer rate of output expansion and only a fractional rise in employment numbers, although input purchasing continued to rise sharply, HIS Markit added.
Moreover, demand conditions among Saudi non-oil firms were hindered by the rapid rise in COVID-19 cases linked to the Omicron variant. The rate of new order growth softened for the fourth straight month and was the slowest recorded since October 2020.
Meanwhile, the rate of expansion in business activity, which remained sharp overall, subsequently slowed to a five-month low in January. The upturn was also the second-weakest recorded for more than a year.
Input cost pressures moderated at the start of the year, with the latest data indicating the softest increase in total expenses since last August. Purchase prices rose only modestly, while there was a further decline in staff wages. As a result, output charges were raised to the least extent for four months, the report issuer concluded.
|
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%) |
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