UAE: Non-oil PMI falls in January

UAE PMI January 2024

UAE: Non-oil PMI falls in January

The S&P Global non-oil Purchasing Managers’ Index (PMI) improved to 56.6 in January from 57.1 in December. 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.

The non-oil economy experienced a slight moderation in growth, with output and new order growth remaining above long-run trends but softening. Employment growth also slowed despite strong demand and business optimism. Supply line disruptions from Red Sea attacks had a modest impact, leading to delivery delays and higher shipping costs. Despite rising input costs, average prices charged by non-oil firms decreased, and confidence in the year-ahead outlook for activity remained positive.

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