Tawasul
Mubasher TV
Contact Us Advertising   العربية

Saudi Arabia’s PMI rises to three-month high in April

Saudi Arabia’s PMI rises to three-month high in April
Business growth has now been recorded in each month since September 2020

Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) for Saudi Arabia increased to 55.2 in April, marking the highest level in three months.

Last month’s score was up from 53.3 in March, which indicates a marked improvement in business conditions in the non-oil private sector economy.

Business growth has now been recorded in each month since September 2020, according to the IHS Markit survey.

Saudi Arabia-located firms expanded staff numbers in April for the first time in five months and to the greatest extent since November 2019.

Economist at IHS Markit, David Owen, said: “Despite a boost to demand, the business outlook weakened from March as fewer respondents projected that output would grow in the coming 12 months. Current concerns among businesses included a possible further wave of COVID-19 that could exacerbate issues with foreign travel."

Nearly 24% of the surveyed companies found that output had risen over the latest survey period. Businesses were also backed by renewed growth in export sales that was linked to strengthening demand from Asia.

“Despite problems with the arrival of inputs at some companies due to global supply chain issues, average vendor performance improved for the third time in four months,” according to IHS Markit.

A recent report showed that Saudi Arabia’s non-oil exports decreased by 10.8% to SAR 204.4 billion in 2020 from SAR 229.2 billion in 2019.