UAE – Mubasher: The Purchasing Managers’ Index (PMI) of the UAE retreated to 49.3 points year-on-year (YoY) in January 2020 from 50.2 points in December 2019, according to a press release issued by Emirates NBD Research on Tuesday.
Moving into the contraction zone for the first time since August 2009, the UAE’s PMI has declined due to a decrease in new orders and employment rates on average compared to December.
Although export orders increased in January, new orders have declined for two months out of the last three, referring to the weakness in domestic rather than external demand.
At the same time, production remained unchanged in January, hitting the lowest reading since January 2010.
