The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, dropped to 58.4 points in December 2024. 
The latest reading indicated a significant improvement in operating conditions in the non-oil private sector, while the index has remained above the neutral level (50.0 points) since September 2020.
The index indicated a robust conclusion to 2024 for Saudi Arabia’s non-oil private sector. Business conditions experienced a marked improvement, propelled by a substantial surgein new orders. This surge was attributed to high domestic demand and strengthening exports. Consequently, the volume of total sales registered its most rapid growth in a year, fostering a significant rise in both business activity and inventory levels.
The report attributed the surge in new business volumes for non-oil companies in December to a confluence of factors: robust economic conditions, robust customer demand, and the successful execution of new marketing campaigns.
The growth rate was the fastest in a year, accelerating every month since August. Nearly four in 10 of surveyed companies saw an increase in new order flows during December. This growth was particularly pronounced within the wholesale and retail sectors.
Saudi Arabia PMI since 2022*
Month
Index (Points)
Change (Points)
Change (%)
Jan. 2022
53.2
(0.7)
(1.3%)
February
56.2
+3.0
+5.6%
March
56.8
+0.6
+1.1%
April
55.7
(1.1)
(1.9%)
May
55.7
—
—
June
57.0
+1.3
+2.3%
July
56.3
(0.7)
(1.2%)
August
57.7
+1.4
+2.5%
September
56.6
(1.1)
(1.9%)
October
57.2
+0.6
+1.1%
November
58.5
+1.3
+2.3%
December
56.9
(1.6)
(2.7%)
Jan. 2023
58.2
+1.3
+2.3%
February
59.8
+1.6
+2.7%
March
58.7
(1.1)
(1.8%)
April
59.6
+0.9
+1.5%
May
58.5
(1.1)
(1.8%)
June
59.6
+1.1
+1.9%
July
57.7
(1.9)
(3.2%)
August
56.6
(1.1)
(1.9%)
September
57.2
+0.6
+1.1%
October
58.4
+1.2
+2.1%
November
57.5
(0.9)
(1.5%)
December
57.5
—
—
Jan. 2024
55.4
(2.1)
(3.7%)
February
57.2
+1.8
+3.2%
March
57.0
(0.2)
(0.3%)
April
57.0
—
—
May
56.4
(0.6)
(1.1%)
June
55.0
(1.4)
(2.5%)
July
54.4
(0.6)
(1.1%)
August
54.8
+0.4
+0.7%
September
56.3
+1.5
+2.7%
October
56.9
+0.6
+1.1%
November
59.0
+2.1
+3.7%
December
58.4
(0.6)
(1.0%)
*Change on a monthly basis.
The PMI is a weighted average of the following five indices:
Riyad Bank PMI Details
Sub-index
Percentage (%)
New orders
30%
Production
25%
Employment
20%
Suppliers’ delivery times
15%
Stocks of purchases
10%
Total
100%
The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, dropped to 58.4 points in December 2024.
The latest reading indicated a significant improvement in operating conditions in the non-oil private sector, while the index has remained above the neutral level (50.0 points) since September 2020.
The index indicated a robust conclusion to 2024 for Saudi Arabia’s non-oil private sector. Business conditions experienced a marked improvement, propelled by a substantial surgein new orders. This surge was attributed to high domestic demand and strengthening exports. Consequently, the volume of total sales registered its most rapid growth in a year, fostering a significant rise in both business activity and inventory levels.
The report attributed the surge in new business volumes for non-oil companies in December to a confluence of factors: robust economic conditions, robust customer demand, and the successful execution of new marketing campaigns.
The growth rate was the fastest in a year, accelerating every month since August. Nearly four in 10 of surveyed companies saw an increase in new order flows during December. This growth was particularly pronounced within the wholesale and retail sectors.
Saudi Arabia PMI since 2022*
Month
Index (Points)
Change (Points)
Change (%)
Jan. 2022
53.2
(0.7)
(1.3%)
February
56.2
+3.0
+5.6%
March
56.8
+0.6
+1.1%
April
55.7
(1.1)
(1.9%)
May
55.7
—
—
June
57.0
+1.3
+2.3%
July
56.3
(0.7)
(1.2%)
August
57.7
+1.4
+2.5%
September
56.6
(1.1)
(1.9%)
October
57.2
+0.6
+1.1%
November
58.5
+1.3
+2.3%
December
56.9
(1.6)
(2.7%)
Jan. 2023
58.2
+1.3
+2.3%
February
59.8
+1.6
+2.7%
March
58.7
(1.1)
(1.8%)
April
59.6
+0.9
+1.5%
May
58.5
(1.1)
(1.8%)
June
59.6
+1.1
+1.9%
July
57.7
(1.9)
(3.2%)
August
56.6
(1.1)
(1.9%)
September
57.2
+0.6
+1.1%
October
58.4
+1.2
+2.1%
November
57.5
(0.9)
(1.5%)
December
57.5
—
—
Jan. 2024
55.4
(2.1)
(3.7%)
February
57.2
+1.8
+3.2%
March
57.0
(0.2)
(0.3%)
April
57.0
—
—
May
56.4
(0.6)
(1.1%)
June
55.0
(1.4)
(2.5%)
July
54.4
(0.6)
(1.1%)
August
54.8
+0.4
+0.7%
September
56.3
+1.5
+2.7%
October
56.9
+0.6
+1.1%
November
59.0
+2.1
+3.7%
December
58.4
(0.6)
(1.0%)
*Change on a monthly basis.
The PMI is a weighted average of the following five indices:
Riyad Bank PMI Details
Sub-index
Percentage (%)
New orders
30%
Production
25%
Employment
20%
Suppliers’ delivery times
15%
Stocks of purchases
10%
Total
100%
