Robust Riyad Bank Saudi Arabia PMI® Report: June 2024 Sees Strong but Slowing Growth

The Riyad Bank Saudi Arabia PMI® fell to 55.0 in June 2024, indicating a robust but slowing improvement in non-oil private sector business conditions. This decline highlights the need to carefully monitor future trends in the Saudi Arabian economy. Strong Business Activity Amid Softening Demand Despite the decline, business activity showed strong improvement. The robust Riyad Bank Saudi Arabia PMI® report points to a resilient non-oil private sector, although demand appears to be softening. New order growth has slowed to its weakest level in nearly two-and-a-half years, indicating potential challenges ahead.