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Kuwait PMI June 2024

Kuwait: PMI falls in June, but continues to signal improving private-sector conditions

The S&P Global Kuwait PMI fell to 51.6 in June from 52.4 in May. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in non-oil private-sector operating conditions compared to the previous month.

Key drivers behind the latest PMI reading include solid increases in output and new orders, supported by successful advertising and competitive pricing strategies. Moreover, employment rose at the fastest pace on record, responding to higher workloads and ongoing pressure on capacity. This expansion in staffing levels, however, was not sufficient to prevent a further accumulation of backlogs of work, suggesting that companies may need to expand hiring further. The increase in new business from abroad marked the fastest expansion since the survey began.

Input cost inflation eased for the third consecutive month. Efforts to protect profit margins led firms to increase selling prices, but the rise was modest due to competitive pricing policies. Finally, business sentiment remained positive.

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