Saudi Arabia PMI February 2016

Saudi Arabia

Saudi Arabia: Economic conditions in the non-hydrocarbon sector improve in February

March 3, 2016

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit rose from January’s all-time low of 53.9 to 54.4 in February. With the slight improvement observed in February, the PMI rests comfortably above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

February’s result mainly reflected faster growth rates in output, new orders and employment. According to Emirates NBD, “the improvement in non-oil sector expansion in February is encouraging, particularly as external demand appears to have picked up after a particularly weak start to the year. Price discounting has also likely contributed to order growth last month. Overall, the data suggest that the non-oil economy in Saudi Arabia is growing despite low oil prices, albeit at a slower rate.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 0.6% in 2016, which is down 4.9 percentage points from last month’s estimate. For 2017, the panel expects fixed investment to increase 3.5%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI February 2016

Note: Emirates NBD Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil private sector conditions while readings below 50 point to a deterioration.
Source: Emirates NBD and Markit.

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