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Development in UAE's non-oil sector near three-year low in July, PMI shows

The United Arab Emirates' nonoil private sector broadened at its slowest speed in almost 3 years in July, a survey showed on Monday, with both output and brand-new order development easing.

The seasonally-adjusted S&P Worldwide UAE Getting Supervisors' Index was up to 53.7 in July from 54.6 in June, the most affordable since September 2021, and listed below its long-run average, although still above the 50.0 breakeven mark, signalling expansion.

The drop in the UAE PMI is a more signal that non-oil sector development is on a downwards pattern in 2024, stated David Owen, senior financial expert at S&P Global Market Intelligence, including a secret difficulty was capability constraints and growing backlogs.

New order growth reduced to a three-month low, with the sub index falling to 57.5 in July from 58.8 in June, but firmly in growth territory, as both domestic and international need conditions stayed favourable.

The speed of output growth compromised even more, while rate inflation sped up, with the index for input prices hitting a. two-year high.

That stated, in general the PMI recommends that the non-oil sector. is broadening sturdily and could be reinforced if business. start to get on top of their work, Owen said.

(source: Reuters)