UAE PMI shows economic growth as Egypt and Kuwait stay in contraction

RIYADH: Non-oil private sector activity across the UAE, Egypt and Kuwait faced continued headwinds in May, as supply disruptions, regional geopolitical tensions and cost pressures weighed on business conditions. The UAE stayed in expansion territory, Egypt recorded another contraction, and Kuwait remained below the 50 no-change mark despite signs that the pace of decline was easing. The S&P Global Purchasing Managers’ Index showed the UAE’s headline reading rising to 52.6 in May from 52.1 in April, while Egypt’s PMI increased to 47.1 from 46.6.

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