The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy, formerly known as the SP Global Saudi Arabia PMI, fell to 54 points in October 2026, compared to 55.3 points in September. 
According to the report, Saudi Arabia’s non-oil private sector continued to expand in October, with data pointing to a faster increase in business activity and strong demand growth.
The report noted that the rise in new business was less pronounced than in September, when it reached a seven-month high. Meanwhile, growth in both employment and purchasing activity slowed, while business confidence remained subdued amid ongoing concerns over geopolitical tensions and rising costs.
Demand continued to rely on the domestic market, with new export orders declining for the eighth consecutive month and at a faster pace. On the pricing front, input cost inflation accelerated to its highest level since June. However, increased competition prompted companies to raise selling prices at their slowest pace in nine months.
Output growth accelerated from its September level, reaching a strong pace, although it remained below historical norms. Companies attributed the increase in activity to stronger underlying demand, alongside intensified sales and marketing efforts.
Export sales also declined at a sharper rate, with nearly a quarter of survey respondents reporting a decrease amid increased shipping disruptions, higher freight and insurance costs, and competitive market conditions.
The report highlighted continued pressure on supply chains, with supplier delivery times improving only marginally, marking the weakest improvement since April while ongoing disruptions to maritime routes continued to affect deliveries, prompting some companies to increase their reliance on domestic sources to meet more of their needs.
The report also highlighted mounting cost pressures at the start of the fourth quarter, as purchase prices rose at their fastest pace in six months, driven by higher freight, insurance, raw material, and energy costs, while staff cost inflation accelerated to its fastest pace since February.
Saudi 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%)
April
51.5
+ 2.7
+ 5.5 %
May
52.8
+ 1.3
+ 2.5 %
June
53.3
+ 0.5
+ 0.9 %
July
53.1
(0.2)
(0.4%)
August
53.8
+ 0.7
+ 1.3 %
September
55.3
+ 1.5
+ 2.8 %
October
54.0
(1.3)
(2.4%)
*Change on a monthly basis.
Riyad Bank PMI Components
Sub-index
Weight
New orders
30%
Output
25%
Employment
20%
Suppliers’ delivery times
15%
Inventories
10%
Total
100%
The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy, formerly known as the SP Global Saudi Arabia PMI, fell to 54 points in October 2026, compared to 55.3 points in September.
According to the report, Saudi Arabia’s non-oil private sector continued to expand in October, with data pointing to a faster increase in business activity and strong demand growth.
The report noted that the rise in new business was less pronounced than in September, when it reached a seven-month high. Meanwhile, growth in both employment and purchasing activity slowed, while business confidence remained subdued amid ongoing concerns over geopolitical tensions and rising costs.
Demand continued to rely on the domestic market, with new export orders declining for the eighth consecutive month and at a faster pace. On the pricing front, input cost inflation accelerated to its highest level since June. However, increased competition prompted companies to raise selling prices at their slowest pace in nine months.
Output growth accelerated from its September level, reaching a strong pace, although it remained below historical norms. Companies attributed the increase in activity to stronger underlying demand, alongside intensified sales and marketing efforts.
Export sales also declined at a sharper rate, with nearly a quarter of survey respondents reporting a decrease amid increased shipping disruptions, higher freight and insurance costs, and competitive market conditions.
The report highlighted continued pressure on supply chains, with supplier delivery times improving only marginally, marking the weakest improvement since April while ongoing disruptions to maritime routes continued to affect deliveries, prompting some companies to increase their reliance on domestic sources to meet more of their needs.
The report also highlighted mounting cost pressures at the start of the fourth quarter, as purchase prices rose at their fastest pace in six months, driven by higher freight, insurance, raw material, and energy costs, while staff cost inflation accelerated to its fastest pace since February.
Saudi 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%)
April
51.5
+ 2.7
+ 5.5 %
May
52.8
+ 1.3
+ 2.5 %
June
53.3
+ 0.5
+ 0.9 %
July
53.1
(0.2)
(0.4%)
August
53.8
+ 0.7
+ 1.3 %
September
55.3
+ 1.5
+ 2.8 %
October
54.0
(1.3)
(2.4%)
*Change on a monthly basis.
Riyad Bank PMI Components
Sub-index
Weight
New orders
30%
Output
25%
Employment
20%
Suppliers’ delivery times
15%
Inventories
10%
Total
100%
