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Saudi Arabia PMI September 2023

Saudi Arabia: PMI rises in September

The Riyad Bank Purchasing Managers’ Index (PMI) rose to 57.2 in September from August’s 56.6. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in operating conditions in the non-oil private sector compared to the previous month.

Output and new orders rose at faster rates, aided by a cut in output charges. Less positively, employment grew at a softer pace, and the cut in output charges likely squeezed profit margins amid a continued rise in input costs. Turning to the outlook, business sentiment picked up sharply in the month.

Naif Al-Ghaith, chief economist at Riyad Bank, said: “The non-oil economy continues its growth despite the challenges arising from the current monetary policy conditions. Our view is that non-oil GDP will continue to support growth and remain above 5.5% for 2023 supported by the ongoing reforms under the vision 2030.”

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