Dubai - Mubasher: Emirates NBD UAE Purchasing Managers’ Index (PMI), an indicator of the non-oil sector’s conditions, went up to 55.1 in April versus 54.8 in March, which reflects an economic improvement.
Production saw a rapid growth last month, as orders from domestic and foreign sources surged and internal demand jumped.
The flourishing economy boosted employment, but the soared demand pressured the market’s operating capacity, which was manifested in a 32-month backlog, according to a survey released by the UAE-based bank on Thursday.
“The improvement in business condition in the UAE in April was driven by strong output and new order growth. The rise in employment and selling prices, although modest, is also encouraging,” head of Mena research at Emirates NBD Khatija Haque commented.
The increase of both input cost and wages in the fourth month of 2018 pushed companies to raise output costs for the first time in the year.
“Positive sentiment towards future growth prospects improved sharply in the latest survey. An expected economic upturn, new product launches and improved marketing strategies underpinned business confidence in April,” the survey found.
