Saudi Arabia PMI November 2020

Saudi Arabia

Saudi Arabia: Non-oil PMI hits a 10-month high in November

December 3, 2020

The Purchasing Managers’ Index (PMI), produced by IHS Markit, increased to 54.7 in November—the highest level since January—from 51.0 in October. Consequently, the index remained above the 50-threshold, indicating improving business activity in the non-oil private sector over the previous month.

November’s result reflected stronger output growth, while employment levels and new orders increased relative to the previous month. Moreover, business sentiment jumped to the highest level in ten months in November as easing lockdown measures and positive news on the Covid-19 vaccine front boosted confidence.

Turning to prices, input costs rose, while output prices increased robustly in November.

David Owen, an economist at IHS Markit, commented that:

"A third successive rise in the Saudi Arabia PMI pointed to an economy getting back on its feet in November. Supported by output and new business growth reaching ten-month highs, the data suggests a strong end to the year for the non-oil private sector.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 6.3% in 2021, which is unchanged from last month’s estimate. For 2022, the panel expects fixed investment to increase 5.6%.

Author:, Economist

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Saudi Arabia PMI Chart

Saudi Arabia PMI November 20 20

Note: IHS Markit Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil private sector conditions over the past month while readings below 50 point to a deterioration.
Source: IHS Markit.

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