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Saudi Arabia PMI June 2023

Saudi Arabia: Non-oil private business activity soars in June

The Riyad Bank Saudi Arabia Non-oil Purchasing Managers’ Index (PMI) came in at 59.6 in June, up from May’s 58.5 and marking one of the highest readings in the last decade. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in non-oil private sector operating conditions compared to the previous month.

Non-oil private firms rushed to meet the sharpest rise in client orders in nearly nine years in June, driving up the PMI. Firms in the construction and tourism sector, in particular, saw a surge in demand, supported by government-backed investment. Across the non-oil private sector as a whole, output rose at the steepest pace since March 2015. This led non-oil private firms to upsize their workforces at the fastest speed since August 2015, and to purchase inputs at a survey-record pace. Adding to the good news for the Saudi economy, input and output inflation fell to five- and sixteen-month lows, respectively, and business confidence notched a five-month high.

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