Dubai – Mubasher: The UAE’S purchasing managers’ index (PMI), a composite indicator of operating conditions in the non-oil private sector economy, in February rose to 53.1 points from 52.7 points a month-ago.
The UAE’s non-oil private sector gleaned some gains in February, accelerating the growth pace of the previous five months, helped by an increase in output, new orders and employment, according to the latest survey by Emirates NBD.
The total new orders were backed by the recovery of new export business at UAE non-oil sectors firms, while production was partially flourished as a result of lower tariffs.
On the other hand, employment saw “the quickest pace in three months”, due to the growth of business activities.
The UAE PMI’s rise is considered a positive indicator amid weakening oil prices and slower global economic growth, said Khatija Haque, head of MENA Research at Emirates NBD, adding, “the rate of growth in the non-oil private sector remains much weaker than a year ago”.
Therefore, business environment is likely to stay challenging, namely amid the various global indicators that inhibit business activities and weighs on investor’s sentiment, she expected.
