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Financial News: UAE Non-Oil Private Sector Growth Slows In September

UAE Non-Oil Private Sector Growth Slows In September

10/05/2021 - 07:50:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector grew at a softer pace in September, survey results from IHS Markit showed on Tuesday.

The Purchasing Managers' Index fell to 53.3 in September from 53.8 in August. A score above 50 indicates expansion.

New orders increased in September and export orders expanded. Average price charges fell at the fastest rate since November last year.

Backlogs of work increased in September and job creation eased from a forty-three month high in August.

Purchasing activity increased for the third month in a row in September and suppliers' delivery time lengthened.

Input cost increased in September and a weaker rate of inflation helped firms to reduce their charges.

The 12-month outlook improved slightly in September, with the hope of recovery in demand as COVID-19 restrictions loosened.

"Firms meanwhile expect the Expo 2020 to add to sales volumes in the coming months, supporting a pick-up in business expectations for the first time since June," David Owen, economist at IHS Markit, said.

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