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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 54.8 points in August 2024.
The non-oil private sector in Saudi Arabia saw further improvement in business conditions in August, along with increased efforts by companies to enhance their operational capacities.
According to the PMI, job creation was a notable feature of this expansionary trend, with employment numbers rising at some of the highest rates seen in a decade. Purchasing activity and inventory levels also increased due to stronger company expectations, accompanied by a slight rise in new order growth.
However, overall growth momentum was slower compared to recent trends, with the non-oil private sector’s output expanding at one of the weakest rates since early 2022. Consequently, companies reduced their selling prices for the second consecutive month to stimulate demand. Profit margins contracted, although less than in July, mainly due to a slowdown in the increase of purchase costs.
Saudi non-oil firms significantly ramped up their activity in the middle of the third quarter, driven by an increase in new business flows. Firms generally reported receiving orders from both new and existing clients and benefiting from heightened government investment. Additionally, there was a strong rise in external sales.
|
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%) |
|
April |
57.0 |
-- |
-- |
|
May |
56.4 |
(0.6) |
(1.1%) |
|
June |
55.0 |
(1.4) |
(2.5%) |
|
July |
54.4 |
(0.6) |
(1.1%) |
|
August |
54.8 |
+0.4 |
+0.7 % |
*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 % |
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