Saudi Arabia PMI

Saudi Arabia

Saudi Arabia: PMI inches down in January

February 3, 2015

The Purchasing Managers’ Index (PMI) elaborated by the Saudi British Bank (SABB) and HSBC inched down from 57.9 in December to 57.8 in January. That said, the PMI is still well above the 50-threshold, indicating an expansion in business activity in the non-oil producing private sector.

January’s result showed that growth in the non-oil private sector economy remained strong. According to SABB and HSBC, new orders rose at the fastest pace in four months, despite, “reports of increasing competitive pressures.” In addition, backlogs in January rose for the second consecutive year. On the other hand, output growth expanded, although at a slower rate. Prices charged in non-oil activities broadly showed no change.

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 to grow also 3.8%.

Author:, Senior Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI January 2015

Note: HSBC Purchasing Managers’ Index. Readings above 50 indicate an improvement in business conditions while readings below 50 point to a deterioration.
Source: Saudi British Bank and HSBC.

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