{"id":87199,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/non-oil-private-sector-activity-continues-to-grow\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"non-oil-private-sector-activity-continues-to-grow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/06\/non-oil-private-sector-activity-continues-to-grow\/","title":{"rendered":"Non-oil private sector activity continues to grow"},"content":{"rendered":"

Non-oil private sector activity continued to grow in November on the back <\/strong>of a \u201csharp rise\u201d in new orders<\/strong>, according to S&P Global\u2019s latest Purchasing Managers\u2019 Index (PMI) (pdf)<\/a> out this morning. The index dipped slightly to 57.0 from its four-year high 57.7 in October, driven by new orders and a surge in companies\u2019 purchasing activity.<\/p>\n

Keep it in context:<\/strong> The PMI is a gauge, and anything above 50.0 means that business conditions are improving and the (non-oil, private-sector) economy is growing. <\/p>\n

New orders are booming\u2026 <\/strong>Firms purchased inventory at a quickened pace during the month as they \u201clooked to keep robust stock volumes amid strong demand,\u201d according to the PMI. November saw purchasing levels jump to their highest level since July 2019, while inventories saw their \u201csharpest expansion\u201d in almost six years. Firms were looking \u201cto ensure they were in a good position to take advantage of growth [potential]\u201d as the \u201cstrong run of demand growth\u201d continued, said David Owen, senior economist at S&P Global Market Intelligence. <\/p>\n

\u2026despite inflation:<\/strong> \u201cAt the same time, firms saw another solid increase in purchase prices, which despite softening from October, was the second-quickest since mid-2022,\u201d S&P notes. <\/p>\n

But output charges didn\u2019t change much:<\/strong> Some firms raised their prices, but this was leveled out by other companies opting to continue marking down their prices, resulting \u201cin broadly stable aggregate output prices.\u201d<\/p>\n

Rising order volumes supported higher output \u2014 as well as backlogs:<\/strong> Output accelerated at the fastest pace since June, while backlogs also increased during the month after dipping for the first time in 28 months in October.<\/p>\n

Looking ahead:<\/strong> Business optimism remains strong among surveyed firms, which signaled they expect activity to continue rising in the months ahead, although overall confidence levels have weakened \u201cmainly due to concerns at some companies that competitive pressures could erode market share.\u201d<\/p>\n

FROM OUR NEIGHBORHOOD-<\/strong><\/p>\n

Egypt\u2019s PMI remained in contraction territory in November, albeit at a softer pace<\/strong>, with the index rising to 48.4 in November, according to the PMI (pdf)<\/a>. November\u2019s reading follows months of deepening contraction, which pushed the index to its sharpest deterioration in five months to 47.9 in October<\/a>. <\/p>\n

Saudi activity expansion cools:<\/strong> Growth in the kingdom\u2019s non-oil private sector slowed last month, with the headline PMI falling to 57.5 in November from October\u2019s four-month high<\/a> of 58.4, according to S&P\u2019s report (pdf)<\/a>. The dip comes on the back of a slowdown in export demand and inflationary pressures, according to S&P. <\/p>\n","protected":false},"excerpt":{"rendered":"

Purchasing levels hit a six-year high<\/p>\n","protected":false},"author":1,"featured_media":87200,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,15],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"93a5494c-e0b6-4615-a6e7-dd4a4b05714b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/Dubai-1600-px-1.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE non-oil private sector activity continues to grow, despite cost pressures in November","related_issue":[87191],"teaser":"Purchasing levels hit a six-year high","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7b8a3350-237f-454d-958f-c14e96b134fd.mp3"},"yoast_head":"\nNon-oil private sector activity continues to grow - 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