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Financial News: UAE Non-Private Sector PMI Highest In 5 Months

UAE Non-Private Sector PMI Highest In 5 Months

06/03/2022 - 05:13:00 (RTTNews)

(RTTNews) - The UAE non-private sector activity increased to the highest level for five months in May amid a rise in activity, new orders and employment, survey results from S&P Global showed on Friday.

The purchasing manager index rose to 55.6 in May from 54.6 in April. Any reading above 50.0 indicates expansion in the sector.

"The UAE PMI remained well inside growth territory in May, rising to its highest level for five months and indicating that the economy continues to recover strongly from the pandemic," David Owen, economist at S&P Global Market Intelligence, said.

Output increased to the highest level in five months in May and new work increased as client demand continued to strengthen.

The rate of job creation was the fastest seen in for seven months in May and backlogs of work increased the most since September last year.

The rate of input prices increased at the sharpest rate recorded for three-and-a-half years in May and most of the output charges lowered in most of the firms.

Input purchases growth eased in May as firms decreased inventories instead of using new materials.

The non-oil business remained hopeful of output growth in the coming 12 months. The degree of confidence improved slightly from the previous month.

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