Mubasher: The UAE’s non-oil private sector maintained its increasing growth momentum at the end of 2016 amid reports of better economic conditions.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) went up from 54.2 in November to 55.0 in December, reflecting a monthly improvement in the non-oil private sector.
Output increased due to higher new orders, in line with growth of new export business, according to a survey sponsored by Emirates NBD and produced by IHS Markit.
Input costs saw a further rise but “competitive pressures and promotional offers meant that output prices decreased again”.
“The Emirates NBD PMI indicates a solid expansion in the non-oil private sector in Q4-16. Strong gains in output and new orders have been hard-won however, with firms continuing to offer discounts and promotions in order to secure orders,” according to Khatija Haque, Head of MENA Research at Emirates NBD
“Overall, the PMI averaged 53.9 in 2016, well below the 2015 average of 56.0, reflecting slower growth this year,” Haque added.
