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Saudi Arabia PMI March 2023

Saudi Arabia: Non-oil PMI deteriorates slightly in March

The S&P Global Non-oil Purchasing Managers’ index (PMI) fell to 58.7 in March from February’s 59.8. As a result, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in non-oil sector operating conditions from the previous month.

The non-oil PMI fell slightly as output and new orders rose at a weaker pace. That said, they continued to grow at historically rapid rates, and employment grew at one of the fastest rates in the last five years. Demand likely continued to be bolstered by low inflation and the ongoing Saudi Vision 2030 reforms. Looking at prices, input inflation rose to the highest in four months, and output inflation eased to the lowest since early 2022. Looking at business sentiment, optimism remained at the highest level since January 2021.

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