New economic indicators drop for the private sector in Abu Dhabi
IHS Market Global Research announced record declines in the purchasing managers ’index in the UAE in March on a monthly basis, due to the Corona virus.
The corporation said in its monthly report that the purchasing managers ’index for the UAE fell to 45.2 points last March from 49.1 points in the previous month.
The report pointed out that the commercial conditions in the UAE private sector deteriorated at a record pace last month, due to the epidemic, amid a severe impact on the tourism sector, consumer demand and exports.
The report noted the sharp declines in production, new orders and employment in the UAE, while witnessing noticeable delays in the delivery of suppliers.
He pointed to a sharp deterioration in working conditions by the end of the first quarter of this year; this is the third monthly decline in a row in the conditions of the private sector that is not producing oil.
The PMI is based on five main pillars: new orders, inventory and production levels, supplier delivery volume, and the employment and work environment.