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UAE PMI 55.0 in Aug-23

- The UAE's PMI in August 2023 stood at 55.0, representing a slight decline from the previous month's reading of 55.7. This suggests a moderation in the pace of economic expansion.
- The August 2023 PMI reading of 55.0 is the lowest level since February 2023, indicating a relative slowdown in economic growth compared to the previous months.

UAE PMI Non-Oil Private Sector 55.0 in Aug-23

- The UAE PMI Non-Oil Private Sector index fell to 55.0 in August 2023, its lowest level since February 2023, indicating a moderation in the pace of expansion.
- The reading of 0.47 below the one-year average suggests a relative slowdown in the non-oil private sector compared to the preceding twelve months.

BRICS Without Straw

• Beijing’s domineering drive to enlarge the BRICS group as a counterweight to the G7 is rooted primarily in the CCP’s need to internationally promote its autocratic governance model. That aids the domestic justification while, paradoxically, Xi Jinping’s policies turn China increasingly inward.

By Alastair Newton

UAE M3 money supply 17.72% y-o-y in Jun-23

- UAE M3 money supply grew at a year-on-year rate of 17.72% in Jun-23, reflecting a slowdown compared to the previous period but still significantly above the one-year average.
- The growth rate exceeding the long-run average by 11.08 percentage points indicates a potential structural change in the economy's liquidity dynamics.