Saudi Arabia: Non-oil PMI falls in December
The Non-oil S&P Global Purchasing Managers Index (PMI) fell to 56.9 in December from Novembers 58.5. As such, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in private sector operating conditions from the previous month.
The PMI deteriorated slightly as both output and input purchases rose at a slower rate. That said, the PMI remained close to its high for the year, with employment rising at the sharpest rate in nearly five years. The PMI was supported by robust demand, with investment boosted by the ongoing Saudi Vision 2030 reforms. Despite input inflation increasing at a slower rate than the previous month, output inflation rose to a nine-month high. Finally, firms optimism about production a year ahead eased slightly.