Saudi Arabia PMI October 2022

Saudi Arabia

Saudi Arabia: PMI rises in October

November 2, 2022

The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 57.2 in October, up from September's 56.6. As such, the index moved further above the 50.0 no-change threshold, signaling a stronger improvement in business conditions compared to the previous month.

The increase came as output and new orders continued to rise sharply. Abroad, new export orders were boosted by rising foreign demand and increased at the fastest pace in almost a year. At home, output charges increased only moderately—amid eight-month low input costs—supporting client demand in turn. Meanwhile, employment continued to rise and business sentiment increased to its highest level since January 2021.

FocusEconomics Consensus Forecast panelists see non-oil GDP rising 3.9% in 2023, which is down 0.1 percentage points from last month’s estimate. For 2024, the panel expects non-oil GDP to increase 3.5%.


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Saudi Arabia PMI October 2022

Note: S&P Global Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil private sector conditions over the past month while readings below 50 point to a deterioration.
Source: S&P Global.


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