United Arab Emirates PMI

United Arab Emirates

PMI inches down in September

The Emirates NDB Purchasing Managers’ Index (PMI) moderated in September, dropping from August’s 57.1 to 56.0. August’s figure had marked a six-month high. As a result, the PMI moved closer to the 50-threshold that separates expansion from contraction in the non-oil producing private sector.

In September, the rate of hiring dropped to its lowest level in six months and foreign orders contracted for the first time since May 2010. Nevertheless, there was an improvement in new orders and a pickup in manufacturing output. Moreover, job creation was strong in September, amid further growth of new businesses. Analysts added that, “underlying data suggested that sharp rises in both output and new orders contributed to the strong performance of the sector as a whole. Despite easing slightly since August, the respective rates of expansion remained above their historical averages. Enhanced marketing strategies and reputations for quality were cited as factors behind growth of new business, which subsequently led to a rise in production during the month.”

FocusEconomics Consensus Forecast participants expect GDP to expand 3.5% in 2015, which is unchanged over last month’s projection. For 2016, the panel sees the economy increasing 3.6%.

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United Arab Emirates PMI Chart

UAE PMI September 2015 0

Note: Emirates NBD Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil business conditions while readings below 50 indicate a deterioration.
Source: Emirates NBD and Markit.

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