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Financial News: UAE Non-Oil Private Sector Contracts In October

UAE Non-Oil Private Sector Contracts In October

11/03/2020 - 06:52:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector deteriorated in October, survey data from IHS Markit showed on Tuesday.

The Purchasing Managers' Index fell to 49.5 in October from 51.0 in September. Any reading above 50.0 marks expansion in the sector.

New business declined to the lowest in five months in October and export growth remained mild.

Firms continued to increase output levels, with the rate of expansion easing modestly.

The number of workforce declined in October, with the fall in demand and reducing backlogs of work.

On the price front, input cost inflation eased to the lowest on six months, while charges were lowered at the slowest rate in four months.

The overall degree of sentiment regarding the 12-month outlook was at a joint-record low as the Covid-19 pandemic continued to weigh on firms' spending plans.

"Firms are notably concerned that costs will outstrip revenues, leading to a further cut to payroll numbers and a sharper fall in inventories amid efforts to free-up liquidity," David Owen, an economist at IHS Markit, said.

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