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Financial News: UAE Non-Oil Private Sector Logs Marginal Growth

UAE Non-Oil Private Sector Logs Marginal Growth

01/06/2020 - 01:30:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector logged marginal growth in December, survey data from IHS Markit showed Monday.

The Purchasing Managers' Index dropped to 50.2 in December from 50.3 in November. The reading was only slightly above the 50.0 mark that separates expansion from contraction.

Output growth was the weakest in over eight years and new work increased marginally after November's downturn.

At the same time, selling charges continued to drop, putting further pressure on margins. The trend for employment remained subdued, with job numbers rising only marginally from the month before.

Expectations remained elevated though, as firms held on to hopes that increased investment and tourism will support business activity growth during 2020.

"The UAE non-oil economy ended the year on a very different note to where it started," David Owen, an economist at IHS Markit, said. "Nevertheless, businesses expect 2020 to be a more upbeat year, amid forecasts of greater tourism and investment in the economy," Owen noted.

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