Saudi private sector growth rises to 17-month high in May -PMI



The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 57.3 in May from 56.8 in April, well above the 50 mark indicating expansion
DUBAI  – Saudi Arabia’s non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 57.3 in May from 56.8 in April, well above the 50 mark indicating expansion.
Saudi Arabia’s private sector was subdued last year as it felt the impact of fuel price hikes, the introduction of a 5% value-added tax and the higher cost of hiring foreign workers.
But it has rebounded this year, with the index for purchasing managers averaging 56.8 points so far against last year’s average of 53.8.
“The gradual rise in the headline PMI this year suggests that growth in the kingdom’s non-oil private sector is recovering after a relatively soft 2018,” said Khatija Haque, head of MENA research at Emirates NBD
Job creation accelerated slightly to 50.5 in May from 50.1 a month earlier. Though still weak, May’s rise in employment was the biggest jump since January.
Output prices for goods and services rose for the first time in seven months after a significant drop in April.
Output rose in May for the fifth month in a row, with the subindex climbing to 61.4 from 61.2 in April. This largely reflected improved demand conditions, according to the survey’s authors.
– Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.
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