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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly the S&P Global Saudi Arabia PMI, fell to 57.7 points in August 2023.
According to the index, the Saudi non-oil private sector witnessed an improvement in operating conditions in August; however, the improvement was the slowest in nearly a year.
Business growth and new activities declined, while companies indicated that competitive pressures hampered sales growth, impacting the rise driven by strong investment and favorable demand conditions.
Concerns about market competition led to a deterioration in companies' estimates of future activity in August, as confidence fell to its lowest level since H1 2020.
Selling prices slightly changed despite the high-cost burdens, and the continued high rates of employment and purchases.
The expansion rate in new business flows fell for the second consecutive month after reaching a multi-year high in June. Companies attributed higher sales to increased customer demand and investment.
|
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%) |
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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