Kuwait: Private-sector non-oil conditions improve in July
The S&P Global Kuwait PMI dipped to 51.5 in July from 51.6 in June. As a result, the index remained above the 50.0 no-change threshold, but signaled a marginally softer improvement in non-oil private-sector operating conditions compared to the previous month.
July saw increases in new orders, output and purchasing activity, and the strongest expansion in new export orders on record. Employment was unchanged due to challenges in finding suitably skilled staff, resulted in a further accumulation of backlogs of work.
July showed a slight increase in output prices, linked to efforts to protect profit margins against sharply rising input costs; in particular, staff costs rose at a record pace. Finally, business sentiment remained positive, with firms expecting output to grow over the next year, although confidence dipped to its lowest since February.