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DUBAI, Dec 7 (Reuters) – The United Arab Emirates’ non-oil private sector grew at a 1-year pace in November amid signs that concerns over a global economic slowdown weighed on sales and confidence, a survey showed on Wednesday. lowest level in months.
The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) fell to 54.4 from 56.6 in October, still slightly above the series average of 54.2 going back to 2009.
“Growth in new business was particularly slow amid concerns about a highly competitive market and a slowing global economy. Confidence in future output fell to its second lowest level in 15 months, leading firms to pull back on hiring growth from recent highs,” the survey said. Compiler David Owen, an economist at S&P Global Market Intelligence, wrote.
“That said, the overall reading of 54.4 suggests that UAE businesses are still enjoying strong growth, a feat that is becoming increasingly difficult to achieve in the global economy. Added to this, UAE businesses are seeing little pressure on input costs, the Costs rose to their most modest pace in three months, and only marginally.”
The output sub-index measuring business activity fell to 59.9 in November from 62.8 in October. The employment sub-index fell to 51.5 from 52.0.
Expectations for output over the next 12 months fell for the second straight month to the sub-index’s second-lowest level since August 2021.
“Positive expectations are generally attributed to current economic strength and upcoming project work, although some firms doubt that growth can continue amid global economic headwinds,” the PMI report said.
Reporting by Yousef Saba; Editing by Toby Chopra
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