Saudi Arabia PMI April 2016

Saudi Arabia

Saudi Arabia: Non-oil economic conditions ease in April

May 3, 2016

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit inched down from March’s 54.5 to 54.2 in April. Despite the deterioration observed in April, the PMI rests above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

April’s result mainly reflected weaker growth in job creation and new business. On the other hand, output continued to rise in the same month. According to Emirates NBD, “Saudi Arabia’s PMI has been broadly stable around 54 since the start of this year, signaling steady growth in the non-oil private sector. Both new orders and output continue to rise at a robust rate, despite weaker external demand. Firms were more cautious with hiring in April, with jobs growth at a four-month low.”

FocusEconomics Consensus Forecast panelists see fixed investment falling 0.6% in 2016, which is up 0.5 percentage points from last month’s estimate. For 2017, the panel expects fixed investment to increase 3.2%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI April 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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