Saudi Arabia PMI November 2016

Saudi Arabia

Saudi Arabia: Non-oil business activity rises in November from October's record low

December 5, 2016

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from October’s 53.2 to 55.0 in November. October’s print had represented the lowest value since records began in August 2009. As a result, the index remains comfortably above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

November’s result reflected stronger expansions in output, new orders, purchasing activities and input stocks. Jobs growth improved marginally but remained at modest levels. Moreover, higher cost pressures led to an increase in charges for the first time in three months. According to Emirates NBD, November’s improvement, “is consistent with other evidence showing non-oil sector activity recovering last month, following the Kingdom’s first international debt issue in late October.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 2.7% in 2016, which is unchanged from last month’s estimate. For 2017, the panel expects fixed investment to increase 2.6%, which is also unchanged from last month’s forecast.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI November 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 IHS Markit.

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