S&P Global Market Intelligence, a provider of information services and solutions to global markets, just announced the launch of the S&P Global Kuwait Purchasing Managers' IndexTM (PMI®). With the addition of the new indicator for Kuwait, S&P Global expands its reach in the Gulf Cooperation Council (GCC), now covering four countries. In total, S&P Global produces PMI data for 46 countries.
The S&P Global PMI series, produced by S&P Global Market Intelligence, is one of the most closely watched global business surveys, used by central banks, financial markets and business decision makers for their ability to provide up-to-date, reliable and unique monthly indicators on economic trends.
"We are delighted to announce the addition of Kuwait to the economies for which S&P Global compiles and publishes PMI survey data, in particular as this further expands the survey coverage in the Middle East to widen the portfolio of truly internationally comparable economic data," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "This expansion also demonstrates our commitment to providing high-frequency economic indicators in this important region, a focus on which will be especially closely monitored in relation to the transition from oil dependency to other services and manufacturing sectors covered by the PMI."
The new Kuwait PMI® will provide a leading indicator with which policymakers, investors and businesses can gauge the health of the Kuwaiti business environment outside of the oil sector. The Kuwait survey data have been collected monthly since 2018, allowing the current business situation to be analyzed in the context of recent historical trends, including over the COVID-19 pandemic.
"The latest data have been especially encouraging, with February having seen the strongest improvement in business conditions over the five-and-a-half year history of the survey if the early pandemic rebound in 2020 is excluded," Williamson said.
Based on survey responses from approximately 350 private sector companies, the Index covers contributions to non-oil GDP across manufacturing, construction, wholesale, retail and services sectors.
The S&P Global Kuwait PMI will be released on the following dates: 2024: April 3rd, May 5th, June 4th