FOREX TradingCharts.com

Financial News: UAE Non-Oil Private Sector Shrinks For First Time

UAE Non-Oil Private Sector Shrinks For First Time In Over A Decade

02/04/2020 - 03:31:00 (RTTNews)

(RTTNews) - The UAE non-oil private sector contracted for the first time in more than a decade in January, amid weakness across the board, survey data from IHS Markit showed Monday.

The Purchasing Managers' Index dropped to 49.3 in January from 50.2 in December. Any reading below 50.0 marks contraction in the sector. This was the first deterioration since August 2009.

Total new orders declined for the second time in three months in January, while new orders from abroad increased for the third straight month and at the faster pace.

Output level remained unchanged in January, after rising for nearly a decade.

Employment fell at the one of the quickest rates on record in the beginning of the year, mainly due to cost-cutting efforts.

However, input purchases continued to grow, while backlogs kept piling up. Delivery time improved at the quickest pace since September.

On the price front, selling charges were reduced for the third straight month in January amid a strong competition and input cost rose for the fifth consecutive month. Purchase prices remained unchanged from the end of 2019.

Business confidence weakened slightly in January and the degree of optimism was the weakest for three months, remaining higher than the series average.

"Looking ahead, it is hoped by many firms that the upcoming Expo 2020 will restore new business volumes and kick-start activity," David Owen, economist at IHS Markit, said.

"Another bright note is growing momentum in export sales, which businesses have attributed to stabilization in some international markets."

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Norway Trade Surplus Decreases In January (01 hr(s), 15 min(s), 07 sec(s) ago)
(RTTNews) - Norway's trade surplus decreased in January amid a fall in exports and imports, da ...Full Story»

Singapore Trims Growth Outlook On China Coronavirus Outbreak (01 hr(s), 44 min(s), 07 sec(s) ago)
(RTTNews) - Singapore's economic growth rose more than initially estimated in the fourth quart ...Full Story»

Singapore Exports Fall In January (03 hr(s), 11 min(s), 07 sec(s) ago)
(RTTNews) - Singapore's non-oil domestic exports decreased at a less-than-expected rate in Jan ...Full Story»

Japan Industrial Production Rises In December (03 hr(s), 13 min(s), 07 sec(s) ago)
(RTTNews) - Japan industrial production rose at a softer pace in December, than in the initial est ...Full Story»

Japan GDP Falls 6.3% On Year In Q4 (46 min(s), 53 sec(s) ago)
(RTTNews) - Japan's gross domestic product was down an annualized 6.3 percent in the fourth qu ...Full Story»

Japan GDP Sinks 6.3% On Year In Q4 (16 min(s), 53 sec(s) ago)
(RTTNews) - Japan's gross domestic product contracted by an annualized 6.3 percent in the four ...Full Story»

New Zealand Service Sector Spikes In January - BusinessNZ (46 min(s), 53 sec(s) ago)
(RTTNews) - The services sector in New Zealand continued to expand in January, and at a sharply hi ...Full Story»

Japan GDP Data On Tap For Monday (31 min(s), 53 sec(s) ago)
(RTTNews) - Japan will on Monday release preliminary Q4 numbers for gross domestic product, highli ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Norway Trade Surplus Decreases In January

02/17/2020 - 02:43 AM (RTTNews)
(RTTNews) - Norway's trade surplus decreased in January amid a fall in exports and imports, da ...Full Story>>

Singapore Trims Growth Outlook On China Coronavirus Outbreak

02/17/2020 - 02:14 AM (RTTNews)
(RTTNews) - Singapore's economic growth rose more than initially estimated in the fourth quart ...Full Story>>

Singapore Exports Fall In January

02/17/2020 - 00:47 AM (RTTNews)
(RTTNews) - Singapore's non-oil domestic exports decreased at a less-than-expected rate in Jan ...Full Story>>

Japan Industrial Production Rises In December

02/17/2020 - 00:45 AM (RTTNews)
(RTTNews) - Japan industrial production rose at a softer pace in December, than in the initial est ...Full Story>>

Japan GDP Falls 6.3% On Year In Q4

02/16/2020 - 19:45 PM (RTTNews)
(RTTNews) - Japan's gross domestic product was down an annualized 6.3 percent in the fourth qu ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.