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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly known as the S&P Global Saudi Arabia PMI, fell to 55 points in June 2024.
This was the lowest reading since January 2022, yet still above the neutral level of 50 points, indicating strong business conditions.
The decline was mainly due to a weaker increase in new order volumes, with growth slowing for the third consecutive month. Some non-oil companies reported increased demand and new clients, while others noted deteriorating market conditions.
Non-oil private sector business activity saw a strong improvement in June as companies increased production to support sales and projects. This rise occurred despite new order growth falling to its weakest level in nearly two and a half years.
Non-oil entities recorded the slowest rise in production input purchases in almost three years, aiming to ease recent inventory increases. Employment growth also slowed compared to May. Offering customer discounts impacted overall selling prices, countering efforts to pass on the sharp rise in input prices to clients.
|
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%) |
*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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