‎Saudi PMI down to 57 points in March

‎Saudi PMI down to 57 points in March

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 %

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