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Financial News: UAE Private Sector Growth Lowest In Over 2

UAE Private Sector Growth Lowest In Over 2 Years

01/10/2019 - 02:44:00 (RTTNews)

(RTTNews) - UAE private sector grew at the slowest pace in over two years in December, amid slower growth in output and new orders, survey data from IHS Markit showed on Thursday.

The Emirates NBD UAE purchasing managers' index, or PMI, fell to 54.0 in December from 55.8 in November. A reading above 50.0 shows an expansion in the sector.

The reading was the lowest since October 2016. All sub-indexes of the PMI showed weakening in December.

Offering of discounts in a competitive market boosted both activity and new business. However, new order growth was the slowest in four months, largely led by domestic business.

The employment level and pay remained broadly unchanged in December amid the squeeze on margins.

Output prices decreased for a third straight month. Input prices rose marginally in December.

Despite the recent slowdown, businesses remained optimistic of output growth in the coming 12 months.

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