The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, declined to 58.5 points in November 2025. 
Saudi Arabian non-oil private sector businesses experienced another strong improvement in operating conditions in November. Overall activity increased at the sharpest pace in ten months, driven by higher sales, rapid hiring and increased purchases.
While new business growth remained marked, it slowed compared to October, as did the rates of growth in employment and input inventories. Meanwhile, operating expenses increased at the softest rate since March, with firms noting reduced pressure on their purchasing costs.
Businesses commonly highlighted that strong demand conditions and the receipt of new orders contributed to a strengthening of output levels and greater expansion efforts. November data subsequently indicated a substantial rise in non-oil private sector activity, the sharpest since January. Overall, 30% of surveyed firms increased their output compared to the previous month, while only 1% reported a contraction.
The latest survey also pointed to a robust increase in new order inflows in November. Although the rate of expansion slowed across all monitored sub-sectors and was less pronounced than October’s recent peak, it remained among the fastest seen in 2025 to date. Firms frequently cited improved demand conditions, particularly in domestic markets. New orders from international markets rose, but only slightly.
Saudi Arabia PMI Since Early 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%)
Riyad Bank PMI Details
Sub-index
Percentage (%)
New Orders
30%
Output
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, declined to 58.5 points in November 2025.
Saudi Arabian non-oil private sector businesses experienced another strong improvement in operating conditions in November. Overall activity increased at the sharpest pace in ten months, driven by higher sales, rapid hiring and increased purchases.
While new business growth remained marked, it slowed compared to October, as did the rates of growth in employment and input inventories. Meanwhile, operating expenses increased at the softest rate since March, with firms noting reduced pressure on their purchasing costs.
Businesses commonly highlighted that strong demand conditions and the receipt of new orders contributed to a strengthening of output levels and greater expansion efforts. November data subsequently indicated a substantial rise in non-oil private sector activity, the sharpest since January. Overall, 30% of surveyed firms increased their output compared to the previous month, while only 1% reported a contraction.
The latest survey also pointed to a robust increase in new order inflows in November. Although the rate of expansion slowed across all monitored sub-sectors and was less pronounced than October’s recent peak, it remained among the fastest seen in 2025 to date. Firms frequently cited improved demand conditions, particularly in domestic markets. New orders from international markets rose, but only slightly.
Saudi Arabia PMI Since Early 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%)
Riyad Bank PMI Details
Sub-index
Percentage (%)
New Orders
30%
Output
25%
Employment
20%
Suppliers’ Delivery Times
15%
Stocks of Purchases
10%
Total
100%
