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.”