Saudi Arabia PMI August 2022

Saudi Arabia

Saudi Arabia: PMI rises to 10-month high in August

September 5, 2022

The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 57.7 in August, up from July's 56.3 and reaching a 10-month high. As such, the index remained firmly above the 50.0 no-change threshold, signaling stronger improvement in business conditions compared to the previous month.

The stronger print was due to broad-based improvements linked to rising demand, including new orders, output and purchasing activity. Notably, purchasing growth reached a seven-year high. Turning to prices, input inflation fell for the second successive month due to declining commodities costs, feeding into a weaker increase in output prices, which likely stimulated demand. The fall in output inflation was one of the sharpest in series history. Continued reopening from Covid-19 appeared to also boost demand. Furthermore, employment rose for the fifth consecutive month. Finally, businesses remained optimistic, with sentiment at one of the strongest levels seen in the last one-and-a-half years despite easing to a three-month low.

FocusEconomics Consensus Forecast panelists see fixed investment rising 12.2% in 2022, which is down 0.1 percentage points from last month’s estimate. For 2023, the panel expects fixed investment to increase 5.0%.


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Saudi Arabia PMI Chart

Saudi Arabia PMI August 2022 0

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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