Emirados Árabes Unidos PMI Industrial

The S&P Global United Arab Emirates PMI edged up to 54.1 in October 2024, from September’s three-year low of 53.8. The upturn was supported mainly by a faster increase in output. However, the growth in new orders softened to its lowest level since February 2023, contributing to weaker employment growth, which fell to a 30-month low. Meanwhile, input purchasing growth remained sharp, particularly as businesses worked to address the recent trend of backlog accumulation. The slower rise in backlogs was aided by improved supplier delivery times. On the price front, input cost inflation eased to a six-month low, amid a slowdown in both purchase prices and wages, with the latter showing the weakest inflation rate in almost a year. Firms also reduced their output prices for the first time in six months in an effort to reverse the slowing sales trend. Lastly, business sentiment improved from September's 18-month low, although it remained one of the weakest levels recorded in 2024 thus far.