UAE, 03 April, 2024 : The Red Sea shipping crisis has heightened pressure on non-oil businesses in the UAE, causing administrative delays and supply constraints. Despite these challenges, the S&P Global's UAE Purchasing Managers' Index (PMI) for March remained strong at 56.9, only slightly down from February's 57.1. The survey highlighted robust order inflows and output levels, with backlogs of work reaching a near 15-year high.
Business optimism increased to its highest level in six months, and firms experienced a softer increase in expenses. However, the shipping crisis led to delays in deliveries, hindering companies from fulfilling orders. Strong demand drove new order volumes, although output struggled to keep up, resulting in a significant increase in backlogs of work.
Despite purchasing growth slowing to a seven-month low, firms reported having enough inputs to meet new orders. Non-oil businesses expanded their recruitment efforts in March, signaling optimism for future business activity due to high demand and strong profits.
Source : www.zawya.com
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