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Financial News: UAE Non-Oil Private Sector Growth Steadies In January

UAE Non-Oil Private Sector Growth Steadies In January

02/03/2021 - 07:01:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector grew at a stable pace in January, survey results from IHS Markit showed Wednesday.

The Purchasing Managers' Index rose to 51.2 in January, same as seen in December. A score above 50 indicates expansion.

Output grew at a softer pace from December's five-month high. New business and total sales increased in January.

Employment grew in January. Purchasing activity expanded and inventories increased.

Input costs declined at the fastest rate since April last year. Purchase price inflation eased.

"The rapid roll-out of COVID-19 vaccines in the UAE should help to restore confidence in markets over the first half of 2021, although firms were still relatively downbeat about future growth in January," IHS Markit economist David Owen said.

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