March 2012 The Saudi British Bank “SABB” has published the results of the headline SABB HSBC Saudi Arabia Purchasing Managers’ Index™ (PMI™) for February2012, a monthly report issued by the bank and HSBC. It reflects the economic performance of Saudi Arabian non-oil producing private sector companies and establishments through the monitoring of a number of variables, including output, new orders, exports, input prices, output prices, quantity of purchases, stocks and employment.
Business conditions in the KSA non-oil private sector continued to improve in February, support by further marked expansions in new orders and activity, as well as accelerated growth of both employment and stocks of purchases. As a result, the headline PMI registered 59.6 in February, marginally below January’s reading of 60.0. However, the improvement in the health of the economy was accompanied by faster input price inflation as demand for inputs strengthened.
Receipts of new work continued to grow in February, and at a marked rate, as respondents reported further improvements to market conditions. The latest data indicated that demand from domestic clients remained a key driver of sales. Nevertheless, new export orders rose at the strongest rate for seven months, with a number of panellists attributing the increase to targeted marketing strategies.
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