Saudi Arabia PMI September 2021

Saudi Arabia

Saudi Arabia: Non-oil PMI surges in September, as Covid-19 restrictions ease

October 4, 2021

The Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 58.6 in September, which was up from August’s 54.1. The print marked a seven-year high, and consequently the index remained above the 50-threshold, indicating improving business activity in the non-oil private sector.

September’s acceleration reflected stronger growth in new orders and output, as looser restrictions allowed workers to return to offices, while tourism picked up notably in the month leading to stronger demand. That being said, firms reported adequate capacity levels with employment conditions remaining stable over the last month in September.

David Owen, an economist at IHS Markit, commented:

“The record rise in the PMI will be hugely encouraging for Saudi Arabian businesses. After two successive falls, the latest reading showed that the economic recovery has stamina, and the relaxation of pandemic measures will release new waves of demand.”

FocusEconomics Consensus Forecast panelists see fixed investment rising 10.4% in 2021, which is up 0.8 percentage points from last month’s estimate. For 2022, the panel expects fixed investment to increase 4.7%.

Author:, Economist

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Saudi Arabia PMI Chart

Saudi Arabia PMI September 2021 0

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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