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S. Arabia's non-oil private sector maintains expansion in May – PMI
Published in Amwal Al Ghad on 05 - 06 - 2024

Saudi Arabia's non-oil private sector continued its strong expansion in May, as per the latest Riyad Bank Saudi Arabia PMI.
Business activity and new orders grew steeply, driven by robust demand, particularly in domestic markets. However, sales growth slowed, marking the least increase in over two years.
Inventory growth remained robust, reflecting firms' anticipation of future sales. Despite modest cost pressures, firms kept inflation low by maintaining low prices due to heightened competition.
Elevated stock levels led to a slowdown in purchasing growth, reaching its weakest since September 2021.
The headline PMI dropped to 56.4 from April's 57.0, still indicating sharp improvement but the second-lowest in 22 months.
Business activity expanded substantially, especially in construction. New orders rose steeply, driven by domestic sales, although facing market slowdown and high competition.
Moreover, inventory accumulation continued in May, but the rate of new input buying slowed sharply to a 32-month low, reflecting readjustments in purchasing targets.
Business confidence declined, reaching its lowest level since January. Employment levels increased, offsetting April's decline, mainly due to higher workloads.
Cost pressures remained soft, with only partial passing on of higher costs to customers, reflecting competitive pressures and discounting practices.


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