UAE: Non-oil private-sector conditions improve at softest pace in six months in August

UAE PMI August 2023

UAE: Non-oil private-sector conditions improve at softest pace in six months in August

The S&P Global Purchasing Managers’ Index (PMI) dropped to a six-month low of 55.0 in August, down from July’s 56.0. Despite the downtick, the index remained comfortably above the 50.0 no-change threshold, signaling a continuous improvement in non-oil private-sector operating conditions from the prior month.

August’s moderation chiefly reflected output growing at a slower rate from the previous month. Demand also eased from its multi-year peak in Q2 but remained strong overall. More positively, new business growth accelerated from July. Meanwhile, employment rose further, albeit only modestly.

Turning to prices, input costs growth picked up from the prior month in August; in turn, firms reduced selling charges to the least extent in five months. Lastly, firms’ sentiment regarding activity in the coming 12 months shot up to the strongest since March 2020.

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