S&P Global: Kuwait’s non-oil sector grows in Nov. ’24

Kuwait’s non-oil private sector saw a significant growth acceleration in November 2024, with the S&P Global Kuwait PMI rising to 55.9, up from 52.7 in October. This marks the strongest expansion since July 2020, driven by a sharp increase in new orders, business activity, and purchasing activity.

Employment also surged at the second-fastest pace since the survey began in 2018, with firms hiring additional staff to meet growing demand.

Despite efforts to keep up with the influx of orders, backlogs continued to rise, suggesting further output increases in the coming months. Companies ramped up input purchases, and supplier delivery times shortened, while inflation in input costs remained elevated. However, some firms managed to lower output prices to attract customers.

Business confidence also rose for the third consecutive month, reaching its highest point since June. Although November’s growth is unlikely to be sustained, the sector remains in strong shape as 2024 comes to a close.

Attribution: S&P Global Kuwait PMI Nov

Subediting: M. S. Salama