Saudi’s PMI up 6.7% in August, highest growth rate in 10 ‎months

The Purchasing Managers’ Index (PMI), issued by Standard & Poor’s Global, in Saudi Arabia increased by 6.7% last August, on an annual basis.

Last month, the Purchasing Managers’ Index reached 57.7 points, achieving the highest growth rate in 10 months, specifically since October of 2021, according to a report by the Ministry of Investment.

The rise in the index came as a result of the improvement in demand conditions for work and new activities, with the decline in cost-pumping pressures, for the second month in a row.

The Leading Purchasing Managers’ Index (PMI), a seasonally adjusted composite index by Standard & Poor’s Global, provides an overview of operating conditions in a non-oil private sector economy, with each reading above 50 Neutral, positive.

The Kingdom’s real gross domestic product (GDP) recorded a remarkable increase in the second quarter of this year, with a growth of 12.2% on an annual basis, achieving the highest growth rate since the third quarter of 2021.

The report of the General Authority for Statistics stated, yesterday, Wednesday, that the increase in GDP was driven by the noticeable increase in oil activities by 22.9%, and the increase in non-oil activities by 8.2%, while government activities recorded an increase by 2.4%.