Saudi Arabia PMI July 2017

Saudi Arabia

Saudi Arabia: Non-oil business activity rises in July from June's eight-month low

August 3, 2017

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from June’s eight-month low of 54.3 to 55.7 in July. Therefore, the index remains comfortably above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

July’s print reflected stronger growth in new orders and output on the back of healthy underlying demand and construction activity. As a result, firms’ purchasing activity increased and companies were encouraged to create more jobs. Khatija Haque, Head of MENA Research at Emirates NBD, highlights that, “faster growth in output and new orders helped the headline PMI in Saudi Arabia rise in July, signaling the fastest rate of non-oil sector expansion in three months. Firms were more optimistic last month, and this likely contributed to increased buying activity and inventory accumulation.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 0.5% in 2017, which is up 0.1 percentage points from last month’s estimate. For 2018, the panel expects fixed investment to increase 3.6%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

Saudi Arabia PMI July 2017 0

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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