Riyad Bank Saudi Arabia PMI remains well above the neutral 50-mark
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, dropped to 56.1 points in February 2026, maintaining a downward trajectory since reaching its highest level in more than 10 years in October 2025. 
According to the report, overall operating conditions remained solid, with the headline index well above the neutral 50-mark, while sub-indices for output and new orders pointed to a healthy operating environment.
The report noted the weakest improvement in non-oil business activity in nine months. However, demand growth and output expansion remained strong, further supporting the labor market and leading to the sharpest increase in wage costs since the survey began.
Although non-oil output growth eased to a six-month low, it remained robust in February. Firms surveyed cited improved customer demand and a rise in approvals for new projects, though some flagged competitive pressures across markets as a drag on growth.
New orders expanded in February, largely driven by stronger domestic sales. Respondents attributed the increase in new business to supportive government policies, improved customer spending, intensified sales and marketing efforts, digital business development and collaborative projects with clients. International orders also improved, albeit at a slower pace of expansion.
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%)
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%
Riyad Bank Saudi Arabia PMI remains well above the neutral 50-mark
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, dropped to 56.1 points in February 2026, maintaining a downward trajectory since reaching its highest level in more than 10 years in October 2025.
According to the report, overall operating conditions remained solid, with the headline index well above the neutral 50-mark, while sub-indices for output and new orders pointed to a healthy operating environment.
The report noted the weakest improvement in non-oil business activity in nine months. However, demand growth and output expansion remained strong, further supporting the labor market and leading to the sharpest increase in wage costs since the survey began.
Although non-oil output growth eased to a six-month low, it remained robust in February. Firms surveyed cited improved customer demand and a rise in approvals for new projects, though some flagged competitive pressures across markets as a drag on growth.
New orders expanded in February, largely driven by stronger domestic sales. Respondents attributed the increase in new business to supportive government policies, improved customer spending, intensified sales and marketing efforts, digital business development and collaborative projects with clients. International orders also improved, albeit at a slower pace of expansion.
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%)
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%
