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Financial News: UAE Non-Oil Private Sector Growth Improves

UAE Non-Oil Private Sector Growth Improves

08/03/2022 - 05:40:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector expanded at a faster pace in July, survey results from S&P Global showed on Wednesday.

The Purchasing Managers' Index rose to 55.4 in July from 54.8 in June. A score above 50 indicates expansion.

New business rose at a solid pace in July amid favorable demand conditions, competitive pricing, marketing efforts and expanded clientele.

Firms scaled up output levels in July in line with new order intakes. The rate of expansion was sharp and the joint-fastest in this year so far.

Due to a backlog of outstanding business, companies stepped up input purchases and hired additional workers in July.

On the price front, overall input costs increased substantially, albeit at a slower pace than June's 11-year high inflation rate. Meanwhile, selling prices dropped further because of fierce competition for new work.

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