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Khatija Haque - Head of MENA Research
Published Date: 14 March 2017
Over the last three months, the Emirates NBD UAE and Saudi Arabia Purchasing Managers’ Indices (PMIs) and the Dubai Economy Tracker Index (DETI) have pointed to accelerating growth in the two biggest GCC economies. For many commentators and residents, this has been difficult to reconcile with lower oil prices, government spending cuts, lack of employment opportunities, and a perceived ‘slowdown’ in economic activity.
In this note, we shed some light on what exactly the PMIs are telling us about economic activity and explore how well they reflect real GDP growth. As the Dubai Economy Tracker Index is calculated in the same way as the country PMIs, we have included it in this analysis.
UAE PMI: A jobless recovery
Saudi PMI: Stable in April
UAE PMI at 16-month high in April
Global equities closed marginally higher