Émirats arabes unis - PMI manufacturier

The IHS Markit United Arab Emirates PMI fell to 50.3 in November 2019, the lowest since August 2009, from 51.1 in the previous month. Output expanded the least since September 2011, new business shrank for the first time in the series history and purchasing activity contracted further. At the same time, employment dropped at a fractional pace; while backlogs were affected by liquidity issues, rising at the quickest pace since June. Meantime, export sales returned to growth, as international markets reportedly fared better than the domestic one. On the price front, input cost inflation accelerated from October, though the rate was relatively subdued, while selling prices dropped for the 14th straight month, but the rate of falling softened for the first time since July. Finally, confidence improved to a four-month high, boosted by Expo 2020 event.

The IHS Markit United Arab Emirates PMI was at 51.1 in October 2019, unchanged from September's near 9-1/2-low. New business growth slipped to a new record low, with foreign sales declining for the first time in 19 months. At the same time, output levels grew at a relatively subdued pace, with businesses also restraining purchasing activity. Meantime, employment rose for the second consecutive month, but the rate remained marginal, with outstanding business rose slightly amid issues with payments at a number of firms. In terms of prices, input prices rose for the second month running, although the pace of inflation was marginal and softer than in September. Meanwhile, selling charges decline at steepest rate in series history. Finally, sentiment improved, due to new strategies and greater investment ahead of the Expo 2020.

The IHS Markit United Arab Emirates PMI dropped to 51.1 in September 2019 from 51.6 in August. This was the weakest pace of expansion in non-oil private sector since May 2010, as new orders grew at the slowest rate since the survey began over ten year ago, with output growth remaining relatively weak and foreign sales rising at the most subdued pace since February. At the same time, purchasing activity increased slightly, amid a stable employment conditions. On the price front, overall input prices went up modestly after no change was recorded in August, while output prices fell the most since April. Lastly, sentiment weakened to the lowest in seven months.

The IHS Markit United Arab Emirates PMI fell sharply to 51.6 in August 2019 from 55.1 in July. The latest PMI reading pointed to the slowest increase in the non-oil private sector in eight years, as output growth weakened to an over 6-year low. Also, new orders and exports rose at a solid, but relatively subdued pace. Meanwhile employment was broadly unchanged, ending a five-month sequence of marginal rise. Also, firms scaled back buying activity, leading to a slight reduction in inventories of purchases. On the price front, input cost was unchanged, as staff costs did not alter from that seen in July, while purchase prices recorded only a marginal uptick. Meanwhile, selling prices fell the most since April, but still modest, on the back of strong competitive pressures in recent months. Looking ahead, sentiment remained strong, with firms expecting a boost to demand, in particular due to the Expo 2020 and improving market conditions.

The IHS Markit United Arab Emirates PMI declined to 55.1 in July 2019, the lowest since February, from 57.7 in the previous month. Growth in both output and new orders eased, amid further price discounting, while employment continued to rise marginally for the fifth month running. Backlogs of work went up slightly, and to the least extent in the current 31-month sequence of accumulation. Meantime, both buying levels and inventory holdings advanced at sifter rates. Regarding inflation, overall input prices were broadly unchanged, ending a ten-month sequence of inflation while output prices were reduced for the tenth successive month, with the pace of decline remaining modest. Looking ahead, non-oil companies remained optimistic, with confidence was little-changed from that seen in the previous month.

The Emirates NBD United Arab Emirates PMI declined to 57.7 in June 2019 from a 4-1/2-year high of 59.4 in the previous month. Output and new orders continued to grow strongly on the back of further price discounting, while employment levels were broadly unchanged as businesses remain focused on keeping costs down, with backlogs of work increasing amid reports of delays in receiving payments from customers. Meantime, buying activity grew at a record pace for the second month running. Input prices rose only marginally, amid a slight rise in purchase costs, and flat salaries and wages. Looking ahead, sentiment eased from April’s record high, but remained strongly optimistic, due to expectations of further new order growth and the upcoming ‘Expo 2020’ next year.