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

UAE Non-Oil Private Sector Growth Improves In October

11/06/2017 - 01:05:00 (RTTNews)

(RTTNews) - UAE's non-oil private sector growth improved at the start of the fourth quarter, survey figures from Emirates NBD and IHS Markit showed Monday.

The headline Emirates NBD Purchasing Managers' Index, or PMI, rose to 55.9 in October from 55.1 in September. Any reading above 50 indicates expansion in the sector.

"The increase in the UAE's headline index in October reflects faster output growth and a sharp increase in inventories, as firms anticipate stronger demand in the coming weeks," Khatija Haque, Head of MENA Research at Emirates NBD, said.

Employment growth remained robust in October, extending the current sequence of job creation to one-and-a-half years.

On the price front, input prices increased at a solid rate in October, while output prices fell at the fastest rate since March 2010, as firms continued to discount selling prices in order to support demand.

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