Saudi Arabia PMI

Saudi Arabia

Saudi Arabia: PMI in December falls to record low

January 7, 2016

The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit fell from November’s 56.3 to 54.4 in December. Although December’s reading represented the lowest print in the indicator’s history, the PMI rests comfortably above the 50-threshold, which indicates expansion in business activity in the non-oil producing private sector.

December’s result mainly reflected weaker growth in output, new business and employment. According to Emirates NBD, “the latest PMI data show that although growth momentum has slowed in Q4 2015, the non-oil private sector still expanded at a solid rate at the end of last year. This is consistent with the official estimate for non-oil private sector growth of 3.7%, which was released with the 2016 budget at the end of December.”

FocusEconomics panelists project the economy to grow 3.2% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 1.9%, which is also unchanged from last month’s forecast.

Author: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI December 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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