Saudi Arabia PMI June 2021

Saudi Arabia

Saudi Arabia: Non-oil PMI matches May's pace of expansion in June

July 5, 2021

The Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 56.4 in June, which matched May’s result. Consequently, the index remained above the 50-threshold, indicating improving business activity in the non-oil private sector.

June’s sustained momentum reflected stronger growth in new orders, which was offset by easing output growth. Meanwhile, employment levels rose relative to the previous month, supported by the loosening of Covid-19 restrictions, which bolstered business confidence in June. On the price front, input prices continued to rise, but there were some signs that price pressures may have peaked in June.

David Owen, an economist at IHS Markit, commented:

"Demand growth in the Saudi Arabian non-oil sector ramped up again in June, with the latest data signaling the strongest rise in sales since January. The rollout of COVID-19 vaccines and easing of restrictions also helped to lift confidence for future activity to a five-month high, as firms hope that the economic recovery will accelerate over the second half of the year.”

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 June 2021

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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