The Kingdom of Saudi Arabia’s flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly SP Global Saudi Arabia PMI, kept unchanged at 57 points in April 2024. 
The non-oil private sector saw a strong operational improvement in April.
Meanwhile, business activity hit sharply at the beginning of the second quarter, according to sub-sector data, the wholesale and retail businesses witnessed the strongest expansion in output.
The latest data indicated a significant monthly expansion in new orders received by non-oil private sector companies in Saudi Arabia.
April witnessed competitive prices, promotional activity, investment, and expansion of customer bases, especially in the local market, which led to an increase in orders during April.
Companies raised their purchasing activity on the expectations of continued strong sales performance, which led to higher inventories at a record pace.
In addition, cost considerations led to a slight decline in hiring in April, but the overall rate of input price inflation eased to a nine-month low.
Expectations of continued improvement in sales performance reinforced growth expectations among surveyed companies.
Purchasing activity rose sharply in April, as companies boosted the inventory of raw materials and other items necessary for production to accommodate the high demand. In fact, stocks of purchases increased at a survey-record rate at the start of Q2 2024.
Saudi Arabia PMI since 2022*
Month
Index (Points)
Change (Points)
Change (%)
January 2022
53.2
(0.7)
(1.3%)
February
56.2
+3.0
+5.6%
March
56.8
+0.6
+1.1%
April
55.7
(1.1)
(1.9%)
May
55.7
—
—
June
57.0
1.3+
+2.3%
July
56.3
(0.7)
(1.2%)
August
57.7
+1.4
+2.5%
September
56.6
(1.1)
(1.9%)
October
57.2
+0.6
+1.1%
November
58.5
+1.3
+2.3%
December
56.9
(1.6)
(2.7%)
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
—
—
The PMI is a weighted average of the following five indices:
Riyad Bank PMI Details
Subindex
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, kept unchanged at 57 points in April 2024.
The non-oil private sector saw a strong operational improvement in April.
Meanwhile, business activity hit sharply at the beginning of the second quarter, according to sub-sector data, the wholesale and retail businesses witnessed the strongest expansion in output.
The latest data indicated a significant monthly expansion in new orders received by non-oil private sector companies in Saudi Arabia.
April witnessed competitive prices, promotional activity, investment, and expansion of customer bases, especially in the local market, which led to an increase in orders during April.
Companies raised their purchasing activity on the expectations of continued strong sales performance, which led to higher inventories at a record pace.
In addition, cost considerations led to a slight decline in hiring in April, but the overall rate of input price inflation eased to a nine-month low.
Expectations of continued improvement in sales performance reinforced growth expectations among surveyed companies.
Purchasing activity rose sharply in April, as companies boosted the inventory of raw materials and other items necessary for production to accommodate the high demand. In fact, stocks of purchases increased at a survey-record rate at the start of Q2 2024.
Saudi Arabia PMI since 2022*
Month
Index (Points)
Change (Points)
Change (%)
January 2022
53.2
(0.7)
(1.3%)
February
56.2
+3.0
+5.6%
March
56.8
+0.6
+1.1%
April
55.7
(1.1)
(1.9%)
May
55.7
—
—
June
57.0
1.3+
+2.3%
July
56.3
(0.7)
(1.2%)
August
57.7
+1.4
+2.5%
September
56.6
(1.1)
(1.9%)
October
57.2
+0.6
+1.1%
November
58.5
+1.3
+2.3%
December
56.9
(1.6)
(2.7%)
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
—
—
The PMI is a weighted average of the following five indices:
Riyad Bank PMI Details
Subindex
Percentage
New orders
30%
Output
25%
Employment
20%
Suppliers’ delivery times
15%
Stocks of purchases
10%
Total
100%
