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Saudi Arabia PMI April 2024

Saudi Arabia: Non-oil PMI steady in April

The Riyad Bank Saudi Arabia non-oil Purchasing Managers’ Index (PMI) held steady at 57.0 in April. As a result, the index remained well above the 50.0 no-change threshold, at one of the highest levels in the past decade, and signaled a strong improvement in non-oil private-sector operating conditions compared to the previous month.

April’s PMI reading was buoyed by a significant expansion in new orders, driven by competitive pricing, promotional activities, investments, and an expanding client base, particularly within the domestic market. This surge in demand led to a sharp increase in business activity, with the wholesale and retail subsector experiencing the most pronounced growth. The anticipation of continued sales performance improvements encouraged companies to significantly boost their purchasing activities, leading to a record increase in inventory levels. Despite this, employment slightly declined due to cost considerations—even as supplier delivery times improved—albeit at the weakest pace in eight months.

On the pricing front, the overall pace of input cost inflation eased, marking the slowest rise since the previous July. This softening in input price inflation allowed companies to be more competitive with their pricing, with some opting to offer discounts. Consequently, output prices increased only marginally.

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