World Economy

UAE Non-Oil Growth Progressing

UAE Non-Oil  Growth ProgressingUAE Non-Oil  Growth Progressing

Business conditions in the UAE’s non-oil private sector continued to improve in February, with a sharp and accelerated increase in inflows of new work underpinning a robust expansion of output, a survey said. Strong demand conditions and a favorable economic environment encouraged companies to scale up purchasing activity and hire additional workers over the month, said the Emirates NBD UAE purchasing managers’ index survey, TradeArabia reported. On the price front, average selling prices rose for the first time in almost one-and-a-half years as firms passed on to clients part of their additional cost burdens, the survey said. The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector. Khatija Haque, head of Mena Research at Emirates NBD, said: “The rise in the UAE PMI to the highest level since September 2015 suggests that demand has strengthened, both domestically and abroad.  Higher oil prices have likely contributed to improved sentiment and business activity over the last few months.”


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