United Arab Emirates PMI

United Arab Emirates

United Arab Emirates: PMI in March falls to lowest level in 17 months

April 6, 2015

The HSBC Purchasing Managers’ Index (PMI) fell from 58.1 in February to 56.3 in March, thus dropping to the lowest level in 17 months. Despite the drop, the PMI remains firmly entrenched above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.

March’s figure mainly reflected slower expansion in output and new orders. In addition, jobs expanded at the slowest rate since March 2012. HSBC analysts added that, “the rates of expansion eased for the second month running and were below those seen through much of last year. As a result, workforce numbers rose at the slowest pace in three years.”

FocusEconomics Consensus Forecast participants expect GDP to expand 4.1% in 2015, which is down 0.1 percentage points over last month’s projection. For 2016, the panel sees the economy also increasing 4.1%.

Author:, Senior Economist

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United Arab Emirates PMI Chart

UAE PMI March 2015

Note: HSBC Non-oil Purchasing Managers’ Index. Readings above 50 indicate an improvement in business conditions while readings below 50 indicate a deterioration.
Source: HSBC and Markit.

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