UAE November non-oil business growth rebounds: PMI
Business activity growth in the United Arab Emirates’ non-oil private sector accelerated in November from a 30-month low the previous month, a survey showed on Monday.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, rose to 54.5 last month from 54.0 in October. A level above 50 indicates expansion.
“The rebound in the November PMI, and particularly the strength of output and new order growth, is encouraging,” said Khatija Haque, head of regional research at Emirates NBD.
“While the PMI data points to slower non-oil growth in the UAE this year relative to 2014, it is important to recognise that the non-oil economy is still expanding at a solid rate despite the sustained weakness in oil prices, tighter liquidity conditions and increased uncertainty about government spending in the region as we head into 2016.”
Output growth rebounded to 58.1 from 56.9, although new order growth edged down to 57.5, the lowest subindex reading since April 2012, from 57.6.
Employment growth accelerated to 52.5. Output prices fell for the first time in three months, while input price inflation slowed to its lowest level in five months.
