Saudi Arabia’s headline Purchasing Managers’ Index (PMI) rose modestly to 56.6 in February from 56.2 in January, the highest reading since December 2017. However, the February PMI reading is still below the series average of 57.6, indicating that non-oil growth in the kingdom is still weaker than the long-run average. The main driver for the improvement in February was a stronger rise in new orders, despite the second consecutive decline in new export orders. This suggests that it is domestic demand that is driving order growth.
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