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Financial News: UAE Non-Oil Private Sector Returns To Growth In

UAE Non-Oil Private Sector Returns To Growth In December

01/05/2021 - 00:05:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector economy expanded for the first time since September, buoyed by a faster upturn in sales and a strong increase in export demand in December, survey results from IHS Markit showed Tuesday.

The Purchasing Managers' Index rose to 51.2 in December from 49.5 in November. A score above 50 indicates expansion.

Despite rising to its highest level for 16 months, the rate of growth signaled by the index was only mild.

Output levels returned to growth territory and new business grew at a more marked pace in December. At the same time, employment numbers continued to fall.

Cost pressures remained subdued at the end of the year. Businesses lowered their selling charges further in an effort to compete for clients, although the rate of discounting eased to the softest since May.

Finally, the outlook for the next 12 months of activity picked up only slightly from November's record low.

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