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Saudi Arabia’s non-oil private sector activity accelerated in May, driven by a sharp rebound in new orders and growing business confidence, according to the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI). The seasonally adjusted PMI rose to 55.8 from April’s 55.6, signaling solid growth, although still below the January peak of 60.5.
A key highlight was the surge in new orders, which jumped to a subindex reading of 62.5 in May from 58.6 in April. This increase reflects rising domestic demand, robust sales, and fresh marketing efforts. However, export order growth slowed, reaching its weakest pace in seven months.
While output continued expanding, it did so at the slowest rate since September 2024. The construction sector stood out, leading growth in both activity and incoming business.
In response to rising output needs, companies ramped up hiring and purchasing. Purchasing activity recorded its fastest growth since March 2024, supported by improved vendor delivery times and a more responsive supply chain.
Despite a sharp rise in input costs—primarily due to increased raw material prices—competitive market conditions pressured firms to lower selling prices, especially in services. This margin squeeze didn’t dampen business sentiment, as confidence rose to its highest level in 18 months. Companies cited expansion plans and stronger demand as key drivers of optimism.
Chief economist Naif Al-Ghaith noted that domestic factors played a major role in boosting hiring and procurement as firms adapted to growing demand.
Overall, the latest data reflect resilience and growing momentum in Saudi Arabia’s non-oil economy, aligning with Vision 2030 goals to diversify the kingdom’s economic base beyond oil. With strong order books and a confident outlook, the non-oil private sector appears poised for sustained expansion.
