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UAE non-oil private sector growth at 30-month high

UAE non-oil private sector growth at 30-month high

DUBAI: UAE’s non-oil private sector activity expanded at the fastest pace in two-and-a-half years in August, driven by sharp rises in new orders and output, survey figures from Emirates NBD and IHS Markit showed Wednesday.

The headline Emirates NBD Purchasing Managers’ Index, or PMI, climbed to 57.3 in August from 56.0 in July. Any reading above 50 indicates expansion in the sector. New orders grew at the fastest pace since February 2015. Output also rose markedly in August on favorable economic conditions. As a result, firms raised their staffing numbers in August, though the rate of increase was marginal overall. On the price front, input price inflation remained sharp, while output charges stabilized during August.