UAE Non-oil Private Sector Records Strong Growth In August

UAE Non-oil Private Sector Records Strong Growth In August - Activity in the non-oil private sector of the United Arab Emirates (UAE) continued to increase steadily in August, data from a survey by Markit Economics and HSBC Bank showed Tuesday.

The seasonally adjusted purchasing managers' index (PMI) for the non-oil private sector came in at 53.3 in August, broadly unchanged from July's 53.4, marking the thirty-first successive growth in activity. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.

Production at UAE factories increased at a steady pace during the month, and the rate of growth quickened modestly from July's four-month low.

The output growth reflected further growth in incoming new business, which rose at the sharpest rate in three months amid reports of improved market conditions.

In line with rising workloads, firms increased their workforces further in August, but the pace of job growth was the slowest since April. Input price inflation accelerated to a three-month high in the non-oil private sector. Consequently, firms increased their output costs further amid strong competitive pressures.

Source: InstaForex