United Arab Emirates: PMI improves in April
May 5, 2015
The HSBC Purchasing Managers’ Index (PMI) reached 56.8 in April, which was an improvement over the 56.3 recorded in the previous month. As a result, the PMI remains firmly entrenched above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.
April’s figure mainly reflected an accelerated rate of expansion in the non-oil sector. Firms continued to hire in April, thus marking the 40th month of job creation. In addition, output and new orders recorded stronger expansions compared to the previous month. HSBC analysts added that, “the UAE’s non-oil private economy began the second quarter of 2015 on a positive note, with business conditions improving at a faster pace in April. Output, new orders and employment all rose more quickly during the month, contributing to the sharper overall expansion.”
Author: Dirina Mançellari, Senior Economist