‎Saudi PMI down to 57 points in March

The Kingdom of Saudi Arabia’s flag

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)

*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 %

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1717815