UAE’s PMI down to 57.1 in March; new order growth maintained

UAE’s PMI down to 57.1 in March; new order growth maintained

UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) went down to 56.9 last March from 57.1 in February 2024, according to the latest S&P Global PMI data.

The data reflected the joint-fastest accumulation of backlogs of work in the survey's near 15-year history, with the index remaining strongly above the 50.0 no-change mark.

Non-oil firms registered another sharp uplift in new order volumes and the rate of expansion picked up from February's six-month.

This led to the greatest upturn in backlogs of work on record, alongside that seen in June 2018.

Around 31% of respondents saw activity grow over the latest survey period and firms cited projects in their pipelines and promotional activity as drivers of growth.

Selling prices fell during the month at the sharpest rate for three-and-a-half years due to increasing competition and the need to retain customers.

Meanwhile, optimism towards future business activity jumped to the second-strongest level in four years after September 2023.

Companies raised their employment numbers at a pace above the series trend for the second straight month.

David Owen, Senior Economist at S&P Global Market Intelligence, commented: "The latest PMI reading of 56.9 in March signalled a robust upturn in business conditions, with order book inflows and activity