UAE: Non-oil private-sector conditions improve at steepest pace in four years in June

UAE PMI June 2023

UAE: Non-oil private-sector conditions improve at steepest pace in four years in June

The S&P Global Purchasing Managers’ Index (PMI) soared to 56.9 in June, up from May’s 55.5, hitting the strongest reading since June 2019. As such, the index moved further above the 50.0 no-change threshold, signaling a stronger improvement in non-oil private sector operating conditions from the prior month.

June’s improvement came on the back of new orders growth hitting a four-year high. Foreign demand was the main driver of the upturn. In turn, output growth accelerated to a 10-month high. Meanwhile, employment levels also increased, with the job creation rate improving to a 14-month high.

Turning to prices, selling prices fell for the 14th consecutive month in a bid to attract more customers. The reduction came despite input costs increasing at the strongest pace in nearly a year. Lastly, firms remained optimistic regarding the outlook for the coming 12 months, but sentiment moderated from the prior month.

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