Whole Economy PMIs (Jan.)

January’s batch of whole economy PMIs showed activity in non-hydrocarbon sectors in the Gulf slowed at the start of this year as governments tightened restrictions to tackle fresh Omicron-driven virus outbreaks. While activity may rebound this month, recoveries in non-oil sectors will remain sluggish even as virus waves abate as governments keep fiscal policy tight and interest rates rise in line with the Fed.