Recent data for the Purchasing Managers' Index (PMI), issued by Standard & Poor's Global, showed that the index for Saudi Arabia declined last September, despite the improvement in the economic situation in the Kingdom.
The purchasing managers' index in Saudi Arabia fell at the end of last September to the level of 56.6 points, compared to 57.7 points in August 2022, to record a slower expansion rate.
Despite the decline, the PMI indicated an improvement in the conditions of the Saudi non-oil-producing private sector economy for the 25th consecutive month.
The Purchasing Managers' Index showed an increase in production and new orders in Saudi Arabia during September 2022, after they witnessed an expansion again at strong rates.
According to the Purchasing Managers Index, new orders rose in Saudi Arabia on the back of strong demand from the market and the high quality of goods and services provided, and both sales and production increased for 25 consecutive months.
Sector data pointed to broad-based continuing increases in Saudi Arabia's non-oil private sector economy, according to the Purchasing Managers' Index.
Purchasing activity increased, albeit lower than the highest level in August in 7 years, as companies in Saudi Arabia sought to maintain inventory levels in light of the current and expected high demand for sales.
The non-oil producing companies recorded another round of strong input price inflation in Saudi Arabia, with procurement cost inflation being the main driver of the rise in total operating expenses.
