UAE: PMI picks up in February
The S&P Global Purchasing Managers’ index (PMI) came in at 54.3 in February, up from January’s 54.1. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.
The improvement was driven by the fastest output growth in four months, and stronger input purchasing. Moreover, business confidence improved. In contrast, new orders growth ebbed. Meanwhile, supply delivery times improved, exports contracted, and input price pressures were the sharpest since the middle of last year.
David Owen, senior economist at S&P Global Market Intelligence, said:
“The UAE PMI gave conflicting signals for the non-oil economy midway through the first quarter of the year. [The PMI signaled a] sharp improvement in operating conditions, but one that was nonetheless among the slowest recorded over the past year-and-a-half.”