RIYADH: Gulf business conditions diverged in October as Kuwait’s non-oil sector strengthened, Qatar’s non-energy growth slowed, and Egypt’s contraction eased to an eight-month low.
According to the latest S&P Global Purchasing Managers’ Index surveys, Kuwait’s PMI rose to 52.8, indicating solid growth; Qatar’s PMI slipped to 50.6, pointing to only a marginal upturn; and Egypt’s index increased to 49.2, suggesting a softer decline in business activity.
In Egypt, the non-oil private sector showed signs of stabilization as declines in output and new orders moderated.
The PMI rose from 48.8 in September to 49.2 in October, remaining below the 50 threshold that separates growth from contraction but above its long-term trend.
“The Egypt PMI stayed above its long-term trend in October, pointing to a year-on-year GDP growth rate of about 4.6 percent,” said David Owen, senior economist at S&P Global Market Intelligence.
