United Arab Emirates: PMI at six-month high in JanuaryStaff Writer | February 7, 2017
The Emirates NDB Purchasing Managers’ Index (PMI) rose from 55.0 in December to 55.3 in January, the highest figure in six months.
UAE A sharp rise in input costs
January’s uptick was underpinned by expansions in output and new work thanks to greater foreign demand, with export orders picking up speed.
In response to the improved business environment, companies took on new workers for the ninth month in a row.
On the price front, despite a sharp rise in input costs, firms continued to cut their prices as competition remained fierce, having a detrimental effect on profit margins.
FocusEconomics Consensus Forecast participants expect GDP to expand 2.5% in 2017, which is down 0.1 percentage points from last month’s projection.
For 2018, the panel sees the economy growing 3.2%. ■