Latest news with #SaudiArabiaPurchasingManagers'Index
Business Recorder
05-05-2025
- Business
- Business Recorder
Saudi Arabia's non-oil business sector growth eases in April, PMI shows
Saudi Arabia's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) slid to 55.6 in April, the lowest reading since last August, from 58.1 in March, while remaining firmly in growth territory. The slowdown in new order growth reflected global economic uncertainties and competitive pressures, with the new order subindex slipping for the third consecutive month to 58.6 in April from 63.2 in March. 'While output growth remains robust, it is somewhat tempered by global economic uncertainties and competitive pressures affecting client spending,' Naif Al-Ghaith, Riyad Bank's chief economist said. 'Nonetheless, employment figures continue to climb, indicating a sustained growth trend since last May.' Egypt's non-oil private sector posts growth in January, PMI shows The increase in employment was driven by rising sales and business activity, with firms expanding staffing capacity to meet demand. But the degree of business optimism remained weaker than the long-run survey average, the survey showed. Saudi Arabia's economy grew 2.7% in the first quarter, supported by activity in the non-oil sector as the kingdom pushes ahead with diversifying away from hydrocarbons. The state's statistics authority has updated and expanded its data collection to increase the non-oil sector weighting to better align with international standards and data quality.
Reuters
05-05-2025
- Business
- Reuters
Saudi Arabia's non-oil business sector growth eases in April, PMI shows
May 5 (Reuters) - Saudi Arabia's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) slid to 55.6 in April, the lowest reading since last August, from 58.1 in March, while remaining firmly in growth territory. The slowdown in new order growth reflected global economic uncertainties and competitive pressures, with the new order subindex slipping for the third consecutive month to 58.6 in April from 63.2 in March. "While output growth remains robust, it is somewhat tempered by global economic uncertainties and competitive pressures affecting client spending," Naif Al-Ghaith, Riyad Bank's chief economist said. "Nonetheless, employment figures continue to climb, indicating a sustained growth trend since last May." The increase in employment was driven by rising sales and business activity, with firms expanding staffing capacity to meet demand. But the degree of business optimism remained weaker than the long-run survey average, the survey showed. Saudi Arabia's economy grew 2.7% in the first quarter, supported by activity in the non-oil sector as the kingdom pushes ahead with diversifying away from hydrocarbons. The state's statistics authority has updated and expanded its data collection to increase the non-oil sector weighting to better align with international standards and data quality.
Reuters
04-03-2025
- Business
- Reuters
Saudi Arabia's non-oil private sector growth remains robust in February, PMI shows
DUBAI, March 4 (Reuters) - Saudi Arabia's non-oil private sector continued its robust expansion in February, driven by strong customer sales and increased activity levels, a survey showed on Tuesday, although the pace of growth slowed from the previous month. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) fell to 58.4 in February from a decade-high reading of 60.5 in January but remained well above the 50 mark, signalling strong growth. The slight dip in the headline PMI was attributed to a cooling in new business growth, which had surged at the start of the year. The new orders subindex slipped to 65.4 in February, from a reading of 71.1 in January. New sales growth was supported by increased tourism and marketing efforts. The expansion in output, although slightly eased, remained among the sharpest since mid-2023. Naif Al-Ghaith, Chief Economist at Riyad Bank said despite the deceleration in new order growth in February, businesses remained confident about future demand. "This was reflected in higher staffing levels, as companies expanded their workforce to meet increased workloads and business expectations," he said. Employment levels rose at the fastest pace in 16 months, as firms prepared for growth opportunities, with the manufacturing and services sectors seeing the strongest employment growth. Input costs continued to rise, driven by higher material prices and wages, but the pace of inflation eased slightly and firms reported only a modest rise in selling prices due to competitive pressures. Business confidence reached a 15-month high, with firms optimistic about economic growth and supportive government initiatives.
