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Financial News: UAE Non-Oil Private Sector Growth Improves

UAE Non-Oil Private Sector Growth Improves

11/03/2022 - 10:23:00 (RTTNews)

(RTTNews) - The UAE's non-oil private sector logged a further sharp upturn in business conditions in October, survey results from S&P Global showed on Thursday.

The Purchasing Managers' Index rose to 56.6 in October from 56.1 in June. A score above 50 indicates expansion.

Both output and new orders rose at faster rates in October. The rate of new business activity growth accelerated from September and was the second-fastest seen since July 2019.

Growth in new orders was supported by new clients, lower prices, improved services and the upcoming FIFA World Cup in Qatar.

Backlogs of work increased rapidly due to increasing demand, partly resulting from pandemic-related shipping delays as well as existing projects.

Consequently, employment rose at the fastest pace since July 2016. Besides, firms increased their purchasing activity in a bid to build inventories for future work.

On the price front, input price inflation remained mild in October, while output charges declined further.

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