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Financial News: UAE Non-Oil Private Sector Growth At 2-Year High

UAE Non-Oil Private Sector Growth At 2-Year High

08/03/2021 - 07:30:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector growth was the fastest in two years in July, survey results from IHS Markit showed on Tuesday.

The Purchasing Managers' Index rose to 54.0 in July from 52.2 in June. A score above 50 indicates expansion.

Output and new order indices increased to the highest level since July 2019. Export sales fell for the third straight month.

Suppliers' delivery time lengthened in July and backlogs of work increased.

The rate of job creation was the fastest since January 2019 and purchasing activity increased.

Input prices increased in July and output charges rose for the second month in a row.

The 12-month outlook remained positive in July with the hope of easing Covid-19 restrictions and the Expo 2020. The overall business expectations declined for the first time in eight months.

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