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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) |
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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