ABU DHABI, The IHS UAE Purchasing Managers’ Index (PMI) grew 0.4 percent to 55.1 in Q1-2019, as compared to Q4-2018, reflecting an improvement in business sentiments and the strength of the UAE economy.
PMI is used as an indicator of economic activity. It is a reflection of how many purchasing managers have reported better than normal business conditions in any given month.
IHS Markit is a world leader in critical information, analytics and expertise in forging solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions According to the company, UAE’s PMI steadied Y.O.Y during the first quarter of 2019 as compared to the comparable period last year.
It’s noteworthy that the Emirates NBD United Arab Emirates PMI jumped to 59.4 in May 2019 from 57.6 in April. This was the third straight month of growth in non-oil private sector and the highest PMI reading since October 2014, as new order growth was at a near-record pace on the back of continued price discounting by firms, and exports rose the most in near ten-year survey history mainly as a result of trade with Saudi Arabia and Oman.
Source: Emirates News Agency