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UAE’s PMI scores its highest level since June 2019

PMI

The Purchasing Managers’ Index (PMI) in the United Arab Emirates rose to its highest level since June 2019, during last November.

The rise in the PMI was supported by the increasing recovery of economic activity in the non-oil sector, resulting from the Expo 2020.

Production and new business also witnessed a noticeable and accelerated increase in November, with the two sectors’ indicators recording their highest levels since mid-2019.

Likewise, UAE companies continue to enjoy the increased economic activity resulting from Expo 2020.

According to the PMI index issued by the IHS Markit group Tuesday, employment levels in the non-oil private sector remained broadly stable during the last study period, while inventory levels expanded at the weakest rate in a year.

Production prices were reduced for the fourth consecutive month, as some companies continued to face challenges resulting from the strength of competition.

David Owen, an economic researcher at IHS Markit, said that November data shows that the UAE economy remains strong, with the growth rate accelerating even after October when the launch of Expo 2020 led to a strong increase in activity.

He added that the PMI rose to its highest level since June 2019, indicating that the event had helped return the non-oil sector to growth accelerators before the spread of the Coronavirus.

Companies indicated that high competition negatively affected their sales forecasts, and as a result, production prices were reduced for the fourth consecutive month.

Owen noted that stagnating hiring activity indicates that companies are delaying hiring decisions until they know the full extent of the post-Expo economic recovery.

In a related context, the UAE is experiencing an advanced stage in the financial technology industry (fintech), which is witnessing a steady acceleration in contactless payment systems.

Earlier this year, the Arab Monetary Fund launched FinxAr a regional Fintech index to track the development of the financial technology industry in the Arab countries, which showed the UAE’s advanced position in the financial technology industry.

The United Arab Emirates topped the list of Arab countries in the general index, at a rate of 75%, ahead of economies that are also witnessing developments in the financial technology industry, such as Saudi Arabia and Bahrain.

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