The latest data on the Riyad Bank Saudi Arabia Composite Purchasing Managers' Index (PMI) for April 2024 has been released, showing a stable reading of 57.0. This figure remains unchanged from the previous month, indicating a continued expansion in the country's non-oil private sector. The PMI tracks changes in output, new orders, employment, and other key economic indicators, with a reading above 50 indicating growth.
The consistent PMI figure of 57.0 suggests that Saudi Arabia's non-oil private sector is maintaining positive momentum, despite global economic uncertainties. The data, updated on 5 May 2024, provides valuable insights into the economic health of the kingdom and offers optimism for sustained growth in the coming months. Investors and analysts will closely monitor future PMI releases to gauge the resilience of the Saudi economy amidst evolving market dynamics.