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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in September 2023.
The rise in the index indicated accelerated expansion of the Saudi non-oil private sector in September on strong growth in activity and new business compared to August.
In addition, business confidence in future activity improved, although higher purchasing, inventories, and employment all softened.
The index showed that the recovery in sales growth was partly supported by a decline in output charges, as companies announced discounts to their customers to confront strong competition.
Selling prices decreased despite the strong rise in input prices, which widens the pressure on profit margins.
The rate of business activity growth at non-oil companies recovered by the end of Q3 2023, after declining to its weakest levels in more than a year and a half in August, as all four sectors monitored by the survey recorded a robust expansion.
Output expectations soared sharply during September after falling to the weakest level since mid-2020 in August.
Firms were hopeful that improving market conditions and rising sales would continue to support an expansion in activity.
|
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% |
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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