{"id":188804,"date":"2021-03-03T07:21:32","date_gmt":"2021-03-03T07:21:32","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=188804"},"modified":"2021-03-03T07:21:36","modified_gmt":"2021-03-03T07:21:36","slug":"purchasing-managers-index","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/purchasing-managers-index\/","title":{"rendered":"Jobs decline in Saudi Arabia lowers purchasing managers&#8217; index"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Saudi purchasing managers&#8217;\u00a0index (PMI) has recorded its lowest level in four months, due to jobs decline for the third month in a row.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.google.com\/url?sa=t&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwikmL6Jy5PvAhWau6QKHWryArMQFjAAegQIARAE&amp;url=https%3A%2F%2Fihsmarkit.com%2Findex.html&amp;usg=AOvVaw2Rnamh7l9r-VEq8Ki_o5kp\">IHS Markit <\/a>said the Saudi index fell to 53.9 points in February 2021, compared to 57.1 points in January of the same year. The group measures the purchasing managers&#8217; index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 50th point is a separator between growth and contraction in purchasing managers&#8217; index.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Purchasing managers&#8217; index<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">IHS Markit said non-oil-producing private sector economy in Saudi Arabia have improved despite the decline in the purchasing managers&#8217; index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The group added that the improvement in economic conditions in the Kingdom continued in February, according to the latest data for the purchasing managers&#8217; index study. However, the growth rate fell to its lowest level in four months as production and new orders expanded at weaker rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IHS Markit said employment rates have delayed the recovery of production again, as companies reduced the number of jobs for the third month in a row, despite the continued increase in the purchases of production inputs and stocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies still hope that the impact of the Coronavirus pandemic would decrease during the next year, despite the decline in corporate optimism to the lowest level since last October.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Financing deficit<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In a related context, a previous Saudi document showed that the country went to &nbsp;use financial tools to finance the budget deficit for 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Kingdom will provide an amount of 124 billion riyals ($33 billion), to cover 87.9% of this year&#8217;s budget deficit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country expected revenues in the 2021 budget reach 849 billion riyals ($226.31 billion), compared to expected spending of 990 billion riyals (263.89 billion dollars).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The total deficit is expected at 141 billion riyals ($37.58 billion), or 4.9% of GDP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Saudi document said the remaining projected deficit of 17 billion riyals ($4.5 billion) will be funded through government reserves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The document also indicated that the Kingdom will depend mainly during this year on alternative government financing to finance the budget deficit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More on Saudi economy: <a href=\"https:\/\/www.bnreport.com\/saudi-investments\/\">Saudi Arabia\u2019s Investments In US Bonds Will Decline In 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Saudi purchasing managers&#8217;\u00a0index (PMI) has recorded its lowest level in four months, due to jobs decline for the third month in a row. IHS Markit said the Saudi index fell to 53.9 points in February 2021, compared to 57.1 points in January of the same year. The group measures the purchasing managers&#8217; index. The [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":188805,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,576],"class_list":["post-188804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-saudi-arabia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jobs decline in Saudi Arabia lowers purchasing managers&#039; index - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport- The Saudi purchasing managers&#039; index has recorded its lowest level in four months, due to jobs decline for the third month in a row.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/purchasing-managers-index\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jobs decline in Saudi Arabia lowers purchasing managers&#039; 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