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Financial News: UAE Non-Oil Private Sector Highest In 11 Months

UAE Non-Oil Private Sector Highest In 11 Months

10/05/2020 - 08:10:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector recovered in September amid a rise in new orders, and reached its best level in nearly a year, survey data from IHS Markit showed on Monday.

The Purchasing Managers' Index rose to 51.0 in September from 49.4 in August. This was the highest reading for eleven months.

Any reading above 50.0 marks expansion in the sector.

Output increased further in September and new business increased with rising activity level. Export sales rose for the second time in eight months.

Cost burden increased for the fifth month in a row in September, albeit slightly.

New orders inflow led to a slower fall in private sector employment in September. Firms reduced their spending on purchases for the first time in the recent period of output growth.

The 12-month outlook weakend and the business sentiment was at its second-lowest level.

"More concerning is a recent rise in confirmed COVID-19 cases that could lead to lockdown restrictions being reimposed in the future," David Owen, Economist at IHS Markit, said.

"Given the weak nature of the current rebound, any further measures could lead to a "double-dip" in business activity," Owen added.

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