Abu Dhabi – Mubasher: The UAE Purchasing Managers’ Index of “S&P Global” company, during December 2022, decreased by 0.2 points to 54.2 points, compared to 54.4 points in November.
The index posted a reading consistent with the long-term series average since August 2009, as the reading indicated a strong improvement in conditions for the non-oil sector, albeit the weakest since January, according to a press release.
Companies recorded a partial decrease in the costs of production inputs, as improved availability of suppliers supported the decline in material prices, and the reduction encouraged companies to reduce production prices at the fastest pace in three months.
The most important results of the purchasing managers’ index in the UAE came with a slight decline in the growth momentum of Emirati non-oil-producing companies at the end of 2022, as both production and new business rose at the slowest rate since September 2021.
Demand was strong but dwindled from its predecessor, prompting companies to add fewer new employees despite challenges facing operational capacity.
Production growth continued at a sharp pace in December, but showed signs of further declining from the three-year high recorded in August, with the majority of panelists associating the increase in production with expanding sales and increasing customer numbers.
New business at non-oil companies also continued to increase sharply, although the pace of growth slowed to a 15-month low, while demand from domestic customers improved as global economic conditions weakened expansion, with new export business falling for the first time. Once since August 2021.
December data indicated a renewed decline in overall cost burdens in the non-oil economy, with participating firms mainly linking this slight decline to improved availability of inputs and stabilization of wage costs.
Average output prices fell for the eighth month in a row, as companies continued to seek additional sales through promotional price offers.
The renewed decline in costs led to sales price cuts increasing at the fastest rate since September.
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