33.2 C
Dubai
Thursday, November 7, 2024
spot_img

UAE non-oil private sector conditions improve in Feb – PMI

[ad_1]

The United Arab Emirates‘ non-oil private sector expanded at a faster pace in February as demand improved and output rose markedly, though growth was still slower than in the fourth quarter of 2021, a survey showed on Thursday.

The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI) rose to 54.8 in February from 54.1 January, which is above the series average, also at 54.1.

The index has been boosted by Dubai‘s hosting of the Expo world fair, which opened in October.

“The upsurge was widely linked to rising client demand, with businesses also pointing to growth in tourism as the Expo 2020 continued and countries loosened their travel measures,” said David Owen, economist at survey compiler IHS Markit.

“While output expanded sharply in February, firms still reported a lack of capacity to deal with new orders, linked to weak hiring momentum and challenging global supply conditions.”

The output subindex rose to 60.6 in February from 59.6 in January, accelerating further past the series average of 57.4. Employment decelerated to stay just a hair above the 50-mark that separates expansion from contraction.

Input costs rose for firms as raw material and transport prices rose, though the rate of inflation fell to its slowest since November.

“While global supply chains remained disrupted, business signalled that local vendors are increasing their capacity to manage these issues,” the report said.

Business sentiment for the next year, measured in the future output sub-index, reflected its fastest expansion since October and second-strongest since mid-2020, though still well below the series average.

[ad_2]

Source link

Related Articles

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI In an era where artificial intelligence is transforming industries worldwide, Raen AI stands out as...

From Vision to Reality How Harshit Aggarwal’s Novamax Industries is Redefining Cooling Solutions

In the fast-evolving world of startups, where passion meets perseverance, Harshit Aggarwal has carved out an impressive path with Novamax Industries LLP. Founded in...

8 Tips for Choosing the Right Pet Insurance in Dubai

As a pet owner in Dubai, you want to be sure that your companion receives the best care possible. But we understand that vet...

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Latest Articles