Saudi Arabia PMI October 2017

Saudi Arabia

Saudi Arabia: Non-oil business activity inches up in October

November 5, 2017

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit inched up from 55.5 in September to 55.6 in October. As a result, the index remains above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

The marginal increase reflected strong growth in output and new orders, which bodes well for overall economic activity in the final quarter of 2017. As a result of healthy dynamics in the non-oil sector, firms continued to employ additional staff. Input prices increased marginally in October, which translated into higher prices for clients. Khatija Haque, Head of MENA Research at Emirates NBD, adds that, “the headline PMI index for Saudi Arabia has been broadly stable for the last four months, at a level which suggests solid growth in the non-oil sector. Encouragingly, firms were much more optimistic in October than they were in September, which bodes well for growth in the final quarter of this year.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 2.9% in 2018, which is down 0.6 percentage points from last month’s estimate. For 2019, the panel expects fixed investment to increase 4.8%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

Saudi Arabia PMI October 2017

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 IHS Markit.

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