UAE’s Non-Oil Private Sector Economy Expands at Strongest Pace in Four Months

Business activity in the UAE’s non-oil private sector economy grew at its strongest pace in four months.

The seasonally adjusted S&P Global purchasing managers’ index climbed to 54.3 in February, up from 54.1 in January, well above the neutral 50 mark that separates growth from contraction.

The latest reading signalled a “robust improvement” in the health of the sector, and is in line with the series long-run trend of 54.2, according to the survey.

More than a quarter of survey respondents said their output had increased since January, attributing this to new projects and rising client sales.

Companies registered the sharpest reduction in lead times since September 2019 as supply chain conditions improved, with businesses raising their input purchases at a sharp and notably quicker pace.

The survey said the upswing in the index was the largest on record — in order to bolster output and plan for future work.

The UAE economy was projected to grow by 7.6 per cent last year, the highest in 11 years, driven by the oil and non-oil sectors, after expanding by 3.8 per cent in 2021, according to the UAE Central Bank.

Click Here to Read More.


The National

Related Articles

Back to top button