Dubai-Mubasher: The UAE’s non-oil private sector grew at a “steady pace” in June, according to a survey published.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) fell to 53.4 in June, from 54.0 in May.
"The softening in new business and output growth in June may partly be due to the earlier start to Ramadan this year. Nevertheless, the output index remains relatively high and we continue to expect solid non-oil growth in the UAE this year,” according to Khatija Haque, head of MENA Research at Emirates NBD.
Muted growth of purchasing activity in June led to the relative weakness of order books, the statement highlighted, adding that the pace of expansion had eased to a 56-month low in May.
The growth of total new business in June was backed by a second successive expansion in exports.
“Output prices fell for the eighth month running, albeit fractionally,” the survey highlighted, adding that “both salaries and purchase prices rose at a faster pace, leading the overall rate of inflation to reach a nine-month high”.
Employment rate was among the weakest recorded by the survey and marginal overall.
