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Kuwait PMI May 2024

Kuwait: Non-oil private sector PMI rises in May

The S&P Global Kuwait PMI rose to 52.4 in May from 51.5 in April. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in non-oil private-sector operating conditions compared to the previous month.

Key drivers behind the latest PMI reading include the sharpest increases in new business and output since the pandemic. This growth was supported by successful advertising campaigns and competitive pricing strategies. Additionally, there was a renewed focus on job creation, although the rate of employment growth was marginal, leading to a record accumulation of backlogs of work due to insufficient staffing levels to meet the rising workloads.

While purchase costs continued to rise sharply, driven by higher prices for advertising, computing equipment, raw materials, and spare parts, the pace of input price inflation showed signs of easing. Output price inflation remained modest, with some companies raising charges in response to higher input costs, while others offered discounts to attract more clients. Business confidence in Kuwait’s non-oil private sector reached its highest level in 2024, reflecting optimism about future business conditions.

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