The pace of inflation eased to the weakest in the year-to-date in May, says S&P Global
Business confidence in Kuwait reached its highest level so far this year in May 2024, S&P Global said in a report, driven by output and new orders rising at the sharpest rates in almost four years.
The Kuwait Purchasing Managers’ Index (PMI) rose to 52.4 in May, up from 51.5 in April, signalling an improvement in the non-oil private sector for the sixteenth consecutive month.
May data signalled a steep expansion of new orders, growing at the sharpest pace since the survey began in September 2018. This, however, excludes the rebound in June and July 2020 as COVID-19 pandemic restrictions were eased.
New export orders also increased at a faster pace midway through the second quarter of the year.
While purchase costs continued to rise sharply in May, the pace of inflation eased to the weakest in the year-to-date, the report said.
Employment returned to growth in May, Andrew Harker, Economics Director at S&P Global Market Intelligence, said, adding the rate of job creation was only “marginal and insufficient” to prevent the strongest build-up of outstanding business in the survey’s history.
“Capacity will need to be ramped up in future if companies are to be able to satisfy customer requirements in a timely manner,” he stated.
Source: Zawya
