Saudi Arabia PMI March 2016

Saudi Arabia

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

April 5, 2016

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit inched up from February’s 54.4 to 54.5 in March. With the slight improvement observed in March, the PMI rests comfortably above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

March’s result mainly reflected faster growth in output. While new orders employment and input stocks all increased in the same month, growth rates were among the weakest in the series history. According to Emirates NBD, “the March PMI points to solid growth in Saudi Arabia’s non-oil sector, despite low oil prices and budgetary pressure. Output and order growth remain robust, which is encouraging, although this is likely underpinned by still high oil production feeding through to the related manufacturing industries.”

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 March 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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