Saudi Arabia PMI

Saudi Arabia

Saudi Arabia: PMI in August hits five-month high

September 3, 2015

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit rose from July’s 57.7 to 58.7 in August. The print marked the highest level since March. As a result, the PMI moves further away from the 50-threshold, indicating an expansion in business activity in the non-oil producing private sector.

August’s result mainly reflected stronger growth in new orders, output, employment and purchasing activity. Meanwhile, competitive pressures and a relatively muted rise in input costs led to a marginal reduction in output charges. According to Emirates NBD, “activity in the non-oil sector does not appear to have been affected by the decline in oil prices since June. However, we note that increased oil production in the Kingdom has likely boosted activity in the related manufacturing sectors, which would be included in the PMI survey.”

FocusEconomics panelists project the economy to grow 3.8% in 2015, which is down 0.4 percentage points from last month’s estimate. For 2016, panelists expect the economy also to grow 3.8%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI August 2015

Note: Emirates NBD Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil private sector conditions while readings below 50 point to a deterioration.
Source: Emirates NBD and Markit.

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