Economic Indicators

Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI

2024.02.04 23:57


© Reuters. The Burj Khalifa constructing peaks by means of the skyline because the solar units over Dubai, United Arab Emirates, September 9, 2023. REUTERS/Amr Alfiky/File Photo

DUBAI (Reuters) – Non-oil business activity in Saudi Arabia grew at its weakest fee in two years final month, a survey confirmed on Monday, as a pointy slowdown in new order development indicated weakening demand.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 55.4 in January, down from 57.5 in December, and the bottom studying since January 2022.

The subindex for Output dropped to 58.1 final month, from 61.0 in December, and remained firmly in development mode, however the tempo of growth in new orders dropped to 60.5 final month, from December’s 68.3 studying, signalling a weak spot in demand momentum.

The softening in the tempo of latest order development was attributed in half to elevated competitors affecting order books, in addition to a contraction in export orders, the fourth drop in six months, on decrease demand and weaker financial circumstances, amongst others.

Purchasing prices rose on the quickest tempo since May 2012, the survey confirmed, with some respondents citing greater delivery prices on the again of assaults in the Red Sea as a cause, in addition to improve materials prices and extra provide chain danger.

“It’s clear that the non-oil economy has continued to grow, despite challenges stemming from rising costs and interest rates,” Naif Al-Ghaith, chief economist at Riyad Bank mentioned.

“Despite cost increases, output prices have remained low, signalling a high level of competitiveness in the market.”

The stage of business confidence about future activity slowed in January, with some respondents involved over weakening demand and inflationary pressures over the subsequent 12 months.

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