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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly the S&P Global Saudi Arabia PMI, shrank to 57.7 points in July 2023, the lowest since December 2022.
Although the expansion rate remains sharp, weaker new order growth was the main factor that led to the decline in the index in July as it eased significantly after reaching its highest level in more than eight years in June.
The domestic economic conditions led to a strong recovery in business activity, but overall growth has lost momentum since June 2023, registering the slowest rise in new work for seven months and a slight decline in job creation.
“Forthcoming new projects and planned business activity growth supported a sharp rise in input buying across the non-oil private sector during July,” the report stated.
Some companies were more cautious about their inventory levels, which led to the slowest accumulation of pre-production stocks since April.
The latest data indicated that business activity growth remained close to that seen in the previous month.
Manufacturing and construction companies reported the fastest production expansion rate across sectors.
The input cost inflation was modest in July and eased to its lowest for nine months.
Thus, some companies cited concerns about increased competition and difficulties in stimulating demand despite the strong economic backdrop.
|
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%) |
*Change on a monthly basis
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