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 55.6 points in April. 
Saudi Arabia’s non-oil private sector saw a strong improvement in business conditions in April, although the index fell to its lowest level since August 2024. The index decline is primarily attributed to a four-point drop in new orders, according to the latest PMI data.
Business activity among Saudi Arabia’s non-oil companies rose sharply at the beginning of Q2 2025, with firms largely reporting increased production due to higher sales, new project approvals, and increased tourist arrivals.
Although production growth was notable, it was the slowest in seven months, partly due to a slowdown in sales growth. In some cases, companies indicated that global economic uncertainty impacted customer spending, while others cited increased competitive pressures.
Non-oil private sector employment saw a strong increase in April, with employment growth accelerating to its fastest pace in 10.5 years, matching the level recorded in October 2023, as companies expanded their hiring capacity in response to higher sales and increased activity.
Riyad Bank Saudi Arabia PMI since 2023*
Month
Index (Points)
Change (Points)
Change (%)
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%)
Jan. 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%)
The PMI is a weighted average of the following five sub-indices:
PMI Sub-Indices
Sub-index
Ratio (%)
New orders
30%
Production
25%
Employment
20%
Supplier Delivery Time
15%
Purchase Inventory
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 55.6 points in April.
Saudi Arabia’s non-oil private sector saw a strong improvement in business conditions in April, although the index fell to its lowest level since August 2024. The index decline is primarily attributed to a four-point drop in new orders, according to the latest PMI data.
Business activity among Saudi Arabia’s non-oil companies rose sharply at the beginning of Q2 2025, with firms largely reporting increased production due to higher sales, new project approvals, and increased tourist arrivals.
Although production growth was notable, it was the slowest in seven months, partly due to a slowdown in sales growth. In some cases, companies indicated that global economic uncertainty impacted customer spending, while others cited increased competitive pressures.
Non-oil private sector employment saw a strong increase in April, with employment growth accelerating to its fastest pace in 10.5 years, matching the level recorded in October 2023, as companies expanded their hiring capacity in response to higher sales and increased activity.
Riyad Bank Saudi Arabia PMI since 2023*
Month
Index (Points)
Change (Points)
Change (%)
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%)
Jan. 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%)
The PMI is a weighted average of the following five sub-indices:
PMI Sub-Indices
Sub-index
Ratio (%)
New orders
30%
Production
25%
Employment
20%
Supplier Delivery Time
15%
Purchase Inventory
10%
Total
100%
