Palm trees and buildings in Saudi Arabia

Saudi Arabia PMI November 2019

Saudi Arabia: Non-oil PMI continues to climb in November

The Purchasing Managers’ Index (PMI), produced by IHS Markit, jumped from October’s 57.8 to 58.3 in November. The print represented the highest value in over four years. Therefore, the index remained above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.

November’s result reflected strong growth in new orders, which hit a nearly five-year high. Job creation, however, remained lackluster for historical standards and output growth decelerated to a four-month low. On the price front, output charges increased in November, while input prices posted a weaker gain, thereby supporting business margins.

Looking forward, Amritpal Virdee, Economist at IHS Markit, commented that:

“November’s PMI data for Saudi Arabia revealed a stronger improvement in underlying economic conditions and, when coupled with the recent improvements in growth momentum, point to a faster rate of non-oil GDP expansion for the fourth quarter of 2019. […] Overall, the private sector economy is well-placed as we look forward to 2020, with the survey’s forward-looking gauge, the Future Output Index rising to a nine-month high on the pace of new product initiatives and more positive forecasts for underlying demand.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest