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.”