UAE private sector growth accelerates to 10-month high in July
According to a new report, growth of the UAE’s non-oil private sector accelerated to a 10-month high in July. Data from the Emirates NBD UAE Purchasing Managers’ Index (PMI) has shown swifter rises in purchasing activity and employment. In fact, the rate of job creation was the fastest in over a year. The report also said purchasing costs have continued to increase consistently while the rate of inflation remained relatively moderated. Higher output was a key contributor to growth of the non-oil private sector as a whole. The rate of expansion was the most marked in nearly a year, supported in turn by a sharp rise in new work. Successful marketing strategies underpinned the improvement in demand, according to panellists.
Jean-Paul Pigat, senior economist at Emirates NBD, said: “July’s survey suggests that the UAE’s non-oil private sector economy started off the second half of 2016 on a strong footing. It is encouraging that despite relatively weak exports, economic momentum is being supported by stronger domestic demand conditions.”