The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, rose to 51.5 points in April, signaling a modest recovery in operating conditions after disruptions due to the Middle East war in March. 
The index had declined for five consecutive months, with the previous month marking the second-largest drop since the survey began in 2009.
Non-oil private sector companies returned to growth in April as firms increased output in response to rising new orders, continued progress on existing projects and mild improvements in order books.
However, the overall rate of business expansion continued to be dampened by deferrals in client spending decisions amid the Middle East conflict, while shipping disruptions continued to impact supply chains
Non-oil companies experienced a rapid increase in cost burdens in April as regional instabilities impacted raw material and freight prices. Overall input costs rose at the fastest rate in the survey’s history, driving a near-record increase in selling charges.
New business received by non-oil companies improved in April, following a decline one month earlier, supported by higher customer numbers and stronger demand.
However, the rate of sales growth remained relatively mild, with delays in client spending and investment decisions reportedly offsetting gains. Anecdotal evidence indicated that caution surrounding the Middle East conflict had weighed on purchasing decisions. Domestic sales drove the upturn, whilst new export orders declined at the fastest rate in the survey’s history
Overall business activity expanded in April after March’s contraction, although the pace of expansion was historically muted. Higher output was linked to progress on existing projects and mild improvements in order books.
Saudi Arabia PMI since 2023*
Month
Index (Points)
Change (Points)
Change (%)
January 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
—
—
January 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%)
January 2025
60.5
+2.1
+3.6%
February
58.4
(2.1)
(3.5%)
March
58.1
(0.3)
(0.5%)
April
55.6
(2.5)
(4.3%)
May
55.8
+0.2
+0.4%
June
57.2
+1.4
+2.5%
July
56.3
(0.9)
(1.6%)
August
56.4
+0.1
+0.2%
September
57.8
+1.4
+2.5%
October
60.2
+2.4
+4.2%
November
58.5
(1.7)
(2.8%)
December
57.4
(1.1)
(1.9%)
January 2026
56.3
(1.1)
(1.9%)
February
56.1
(0.2)
(0.4%)
March
48.8
(7.3)
(13.0%)
April
51.5
+2.7
+5.5%
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, rose to 51.5 points in April, signaling a modest recovery in operating conditions after disruptions due to the Middle East war in March.
The index had declined for five consecutive months, with the previous month marking the second-largest drop since the survey began in 2009.
Non-oil private sector companies returned to growth in April as firms increased output in response to rising new orders, continued progress on existing projects and mild improvements in order books.
However, the overall rate of business expansion continued to be dampened by deferrals in client spending decisions amid the Middle East conflict, while shipping disruptions continued to impact supply chains
Non-oil companies experienced a rapid increase in cost burdens in April as regional instabilities impacted raw material and freight prices. Overall input costs rose at the fastest rate in the survey’s history, driving a near-record increase in selling charges.
New business received by non-oil companies improved in April, following a decline one month earlier, supported by higher customer numbers and stronger demand.
However, the rate of sales growth remained relatively mild, with delays in client spending and investment decisions reportedly offsetting gains. Anecdotal evidence indicated that caution surrounding the Middle East conflict had weighed on purchasing decisions. Domestic sales drove the upturn, whilst new export orders declined at the fastest rate in the survey’s history
Overall business activity expanded in April after March’s contraction, although the pace of expansion was historically muted. Higher output was linked to progress on existing projects and mild improvements in order books.
Saudi Arabia PMI since 2023*
Month
Index (Points)
Change (Points)
Change (%)
January 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
—
—
January 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%)
January 2025
60.5
+2.1
+3.6%
February
58.4
(2.1)
(3.5%)
March
58.1
(0.3)
(0.5%)
April
55.6
(2.5)
(4.3%)
May
55.8
+0.2
+0.4%
June
57.2
+1.4
+2.5%
July
56.3
(0.9)
(1.6%)
August
56.4
+0.1
+0.2%
September
57.8
+1.4
+2.5%
October
60.2
+2.4
+4.2%
November
58.5
(1.7)
(2.8%)
December
57.4
(1.1)
(1.9%)
January 2026
56.3
(1.1)
(1.9%)
February
56.1
(0.2)
(0.4%)
March
48.8
(7.3)
(13.0%)
April
51.5
+2.7
+5.5%
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%
