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Saudi Arabia PMI January 2024

Saudi Arabia: PMI falls in January

The Riyad Bank Saudi Arabia non-oil Purchasing Managers’ Index (PMI) fell to 55.4 in January from 57.5 in December, its lowest level in two years. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in non-oil private-sector operating conditions compared to the previous month.

Activity growth fell to its lowest level rate since January 2022, and new orders growth dipped to a five-month low. Meanwhile, staffing levels only increased slightly. Looking at prices, input inflation was the highest since May 2012, although output inflation slowed. Finally, business sentiment dropped to its second-lowest level since mid-2020.

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