United Arab Emirates PMI May 2016

United Arab Emirates

PMI picks up in May

The Emirates NDB Purchasing Managers’ Index (PMI) rose in May to 54.0 in from 52.8 in April. The increase puts the index further above the 50 threshold that separates expansion from contraction in the non-oil producing private sector.

May’s reading was the second-highest figure in six months and demonstrated an improvement in the overall health of the sector. New orders growth picked up in May, but was still below its long term average and contributed to gains in new work. Output also increased; however the purchasing activity of firms had slowed substantially indicating that stock levels were seen as adequately sufficient. Emirates NBD analysts added that, “the improvement in the UAE PMI was mainly due to strong growth in output last month, with new business picking up as well. This confirms our view that the non-oil sector of the UAE is continuing to expand, albeit at a slower rate than last year.”

FocusEconomics Consensus Forecast participants expect GDP to expand 2.5% in 2016, which is down 0.2 percentage points over last month’s projection. For 2017, the panel sees the economy increasing 2.9%.

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United Arab Emirates PMI Chart

UAE PMI May 2016

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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