{"id":89911,"date":"2024-03-12T00:00:00","date_gmt":"2024-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubais-pmi-hits-half-decade-peak\/"},"modified":"2024-03-12T00:00:00","modified_gmt":"2024-03-12T00:00:00","slug":"dubais-pmi-hits-half-decade-peak","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/12\/dubais-pmi-hits-half-decade-peak\/","title":{"rendered":"Dubai's PMI hits half-decade peak"},"content":{"rendered":"

Growth in Dubai\u2019s non-oil sector activity surged to its highest level in February since May <\/strong>2019<\/strong>, after hitting a five-month low in January, according to S&P Global\u2019s purchasing manager\u2019s index (pdf)<\/a>. The PMI reading rose to 58.5 in February, up from January\u2019s 56.6, signaling an improvement in the operational environment within the emirate\u2019s non-oil economy. With the index firmly above the 50.0 mark that indicates expansion, Dubai's non-oil sector is poised for continued growth and development in the months ahead, according to the report. <\/p>\n

REMEMBER- It was a good month for the whole country:<\/strong> The UAE\u2019s non-oil economy continued to see \u201cstrong upward momentum\u201d as output levels rose at their sharpest rate since mid-2019. The country\u2019s PMI recorded 57.1 in February, up from 56.6 in January, S&P\u2019s PMI (pdf)<\/a> showed.<\/p>\n

Healthy business activity marked by increased output:<\/strong> Dubai businesses saw an uptick in activity during the month, with 36% of survey respondents reporting increased output \u2014 the fastest surge in 18 months. Elevated demand, strong market conditions, and expanded project portfolios were key contributors to this growth. \u201cThe reading signals that the Dubai non-oil sector is one of the fastest growing worldwide according to global PMI data,\u201d Senior Economist at S&P Global Intelligence David Owen said.<\/p>\n

Surging customer demand kept order books strong<\/strong>,with businesses noting the impact of price cuts and promotions. Output charges dropped significantly, hitting an eight-month low, especially in the wholesale & retail sector.<\/p>\n

Hiring reached its highest pace since August 2015<\/strong>, as increased workloads prompted companies to expand their workforce. Furthermore, inventory inputs and partially finished items hit a three-month peak, possibly showcasing companies\u2019 anticipation for higher demand in the non-oil sector.<\/p>\n

Red Sea disruptions only slightly impacted supplier performance in 1Q 2024<\/strong>, leading to a minor reduction in lead times for non-oil companies. Although a slight improvement from January, lead times remained the second-slowest in over a year. Input costs also rose to a three-month high but remained \u201cmodest overall.\u201d<\/p>\n

Businesses are more confident than they were in January<\/strong>, signaling heightened optimism for growth in the non-oil sector over the next 12 months. \u201cInflationary pressures remained soft which encouraged greater sales promotions, while employment and inventory growth strengthened. All this suggests that the non-oil sector's expansion has further to run during 2024,\u201d according to Owen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s PMI reached 58.5 in February<\/p>\n","protected":false},"author":1,"featured_media":89912,"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":[87,19,7,16,15,17],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-dubai","tag-economy","tag-enterpriseam-uae","tag-non-oil-private-sector","tag-pmi","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"0a54a384-7d6c-4125-acd4-9a9b7b1237a3","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/980.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai's PMI hits half-decade peak","related_issue":[89900],"teaser":"Dubai\u2019s PMI reached 58.5 in February","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.1af61b0f-2758-48f9-a24a-6a229cc0c933.mp3"},"yoast_head":"\nDubai's PMI hits half-decade peak - 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