Saudi Non-Oil Activity Falls for First Time Since 2020
Saudi Arabia's non-oil private sector activity contracted in March as regional conflict disrupted supply chains. The PMI fell to 48.8 amid weak export demand.
Saudi Arabia witnessed a contraction in its non-oil private sector activity during March, marking the first such decline since August 2020. The downturn was primarily driven by regional conflict and resulting disruptions to international supply chains, according to a recent business survey.
The seasonally adjusted RIYAD BANK Saudi Arabia Purchasing Managers Index (PMI), compiled by S&P Global, dropped to 48.8 in March from 56.1 in February. A reading below the 50.0 threshold indicates a contraction in activity. This shift ended a long period of expansion as geopolitical tensions weighed heavily on business sentiment.
