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Financial News: UAE Non-Oil Private Sector Growth Improves In June

UAE Non-Oil Private Sector Growth Improves In June

07/04/2017 - 02:09:00 (RTTNews)

(RTTNews) - UAE's non-oil private sector activity expanded at an accelerated pace in June, driven by sharper rises in both output and new orders, survey figures from Emirates NBD and IHS Markit showed Tuesday.

The headline Emirates NBD Purchasing Managers' Index, or PMI, climbed to 55.8 in June from May's 6-month low of 54.3. Any reading above 50 indicates expansion in the sector.

The ongoing upturns in output and new order book volumes encouraged companies to engage in input buying, leading to further increases in inventories.

Concurrently, export orders fell for the first time in seven months and the rate of job creation eased to an eight month low in June.

On the price front, input prices rebounded in June mainly led by higher raw material prices. In contrast, firms decreased their selling prices amid intense competition.

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