Saudi Arabia PMI

Saudi Arabia

Saudi Arabia: PMI remains robust in April

May 5, 2015

The Purchasing Managers’ Index (PMI) elaborated by the Saudi British Bank (SABB) and HSBC fell from March’s six-month high of 60.1 to 58.3 in April. Despite the decline, the PMI remains well above the 50-threshold, indicating an expansion in business activity in the non-oil producing private sector.

April’s result showed that economic dynamics in the non-oil private sector economy remained strong, although the pace of expansion moderated compared to the previous month. According to SABB and HSBC, April’s healthy print reflected mainly strong growth in output and new orders. As a result of the robust activity, purchases increased at a strong pace in April, while suppliers continued to react positively to greater demand for inputs. Although remaining in expansion mode, the rate of hiring slowed to the lowest level since November.

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: Ricard Torné, Lead Economist

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Saudi Arabia PMI Chart

SaudiArabia PMI April 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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