March 23, 2023

Dubai Week

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The UAE PMI has reached its highest level since June 2019

The UAE PMI has reached its highest level since June 2019

The UAE title of the seasonally adjusted IHS Markit Purchasing Managers Index (PMI), a consolidated index designed to provide an accurate overview of operating conditions in the non-oil private sector economy, rose to 55.9 points from 55.7 in October and peaked at November. Read from June 2019.

Continued to show strong improvement in non-oil production sector conditions, and this improvement was faster than average during the epidemic period.

According to the indicator, the operating conditions in Non-oil economy of the United Arab Emirates In November it continued to expand rapidly, the growth rate was higher than the October reading and recorded the strongest rate in almost two and a half years.

As companies continue to experience increased economic activity as a result of Expo 2020, production and new business increased at significant and rapid rates.

Despite declining business confidence in November, the epidemic was stronger than recorded throughout the period.

On the other hand, employment levels were broadly equal during the last study period, while inventory levels expanded at a weaker rate in one year.

Moreover, production prices were cut for the fourth consecutive month as some companies continued to face challenges posed by the strength of competition.

Both measurements peaked from mid-2019 on the back of significant expansion in manufacturing and new business in the middle of the fourth quarter, and businesses showed a strong increase in demand as the country reopened and benefited from tourism. From Expo 2020. They increased export sales, however at a much slower pace than seen in the total new business.

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