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Saudi Arabia PMI April 2023

Saudi Arabia: Non-oil PMI improves in April

The Riyad Bank Purchasing Managers’ Index (PMI) came in at 59.6 in April, up from March’s 58.7. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in non-oil sector operating conditions compared to the previous month.

The non-oil PMI rose as output, new orders and employment grew at faster paces. New orders accelerated especially sharply, rising the most since September 2014. Survey respondents said that rising tourism, higher consumer spending and major infrastructure projects had contributed to the uptick in demand. Less positively, new orders from abroad contracted for the first time since February 2022, linked to intense competition and a weakening global economy. Looking at prices, input inflation eased to a three-month low. Looking at business sentiment, firm optimism fell to a four-month low, but was still well above the average for 2022.

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