UAE News: Economy Crashes Along With Saudi Arabia, Egypt - Bloomberg:
Business conditions in the Arab world’s three largest economies deteriorated further last month amid shutdowns from the coronavirus and a plunge in commodity prices.
Non-oil private sector activity collapsed at an unprecedented pace in Egypt and suffered another record setback in the United Arab Emirates, according to Purchasing Managers’ Index surveys compiled by IHS Markit. Business conditions in Saudi Arabia also remained below the threshold of 50 that separates growth from contraction.
Egyptian “businesses lucky enough to remain open scaled back activity on a massive scale, as many highlighted sharp falls in domestic sales and foreign demand,” said David Owen, economist at IHS Markit. “Firms forced to close unsurprisingly recorded an even steeper decline in output.”
Business conditions in the Arab world’s three largest economies deteriorated further last month amid shutdowns from the coronavirus and a plunge in commodity prices.
Non-oil private sector activity collapsed at an unprecedented pace in Egypt and suffered another record setback in the United Arab Emirates, according to Purchasing Managers’ Index surveys compiled by IHS Markit. Business conditions in Saudi Arabia also remained below the threshold of 50 that separates growth from contraction.
Egyptian “businesses lucky enough to remain open scaled back activity on a massive scale, as many highlighted sharp falls in domestic sales and foreign demand,” said David Owen, economist at IHS Markit. “Firms forced to close unsurprisingly recorded an even steeper decline in output.”
- The Egypt PMI slumped to 29.7, down from 44.2 in March and the lowest since the series began in April 2011, according to IHS Markit; activity, new business and exports all dropped at record rates
- Saudi Arabia’s PMI was at 44.4, compared with 42.4 in March; new orders and employment levels continued to decline
- IHS Markit’s gauge for the U.A.E. dropped for the sixth month running to a record low 44.1 in April; export demand collapsed amid global lockdown
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