Saudi Arabia: PMI hits six-month high in March
April 5, 2015
The Purchasing Managers’ Index (PMI) elaborated by the Saudi British Bank (SABB) and HSBC rose from 58.5 in February to 60.1 in March, which represented the highest reading in six months. As a result, the PMI remains well above the 50-threshold, indicating an expansion in business activity in the non-oil producing private sector.
March’s result showed that economic dynamics in the non-oil private sector economy remained strong and that GDP in the non-oil sector could have accelerated in Q1. According to SABB and HSBC, March’s healthy print reflected mainly strong growth in new orders and output. Although remaining broadly unchanged, the rate of hiring was also strong. Meanwhile, input costs intensified marginally in March.