Saudi PMI down to 57 points in March, business activity at 6-month high

Saudi PMI down to 57 points in March

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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, fell to 57 points in March 2024.

The non-oil private sector saw significant operational improvements at the end of the first quarter. Business activity hit a six-month high, driven by notable increases in orders and new clients.

In March, non-oil companies reported a remarkable production boost, the highest in six months, credited to robust demand.

New order volumes surged, marking the second consecutive month of acceleration. Many companies observed a threefold increase in new business, outdoing those with declines. Additionally, demand from abroad grew, marking the first steady increase since mid-2023.

Looking ahead, non-oil firms are highly positive about future business, spurred by solid demand. Their 12-month outlook is the brightest since November.

In March, non-oil entities ramped up their purchases, with a higher growth rate than in February. Responding to improved demand, firms preferred maintaining extra production supplies, leading to quicker delivery improvements and larger stockpiles.

Saudi Arabia PMI since 2022*
Month	Index (Points)	Change (Points)	Change (%)
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%)
April	59.6	+0.9	+1.5%
May	58.5	(1.1)	(1.8%)
June	59.6	+1.1	+1.9%
July	57.7	(1.9)	(3.2%)
August	56.6	(1.1)	(1.9%)
September	57.2	+0.6	+1.1%
October	58.4	+1.2	+2.1%
November	57.5	(0.9)	(1.5%)
December	57.5	--	--
January 2024	55.4	(2.1)	(3.7%)
February	57.2	+1.8	+3.2%
March	57.0	(0.2)	(%0.3)

*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 %

Economic Reports

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