São Paulo – Despite a slowdown in September, the non-oil private sector of the United Arab Emirates registered in the last quarter the best result for the period in two years, according to the index Purchasing Managers Index (PMI), surveyed by firm IHS Markit and sponsored by local bank Emirates NBD.
According to the news feature published at the website of the Emirates News Agency (WAM), the index stood at 55.1 points last month against 57.3 in August, but reached 56.1 points from July to September, the highest values since Q3 2015.
The index brings an overview of commercial and economic conditions of the UAE non-oil private sector, including the performance of processing industry and services sector. Above 50 points, PMI shows expansion, while a number below 50 points to contraction.
The head of Middle East and North Africa (MENA) Research at Emirates NBD, Khatija Haque, said the expansion in the quarter was driven by expansions in output and new orders. “The survey suggests that economic growth accelerated last quarter, and that domestic demand remains solid, despite relatively modest jobs growth,” said Khatija Haque.
According to the survey, there was an underlying demand for goods and services of the country’s non-oil private sector. The survey shows that there was a decline of business abroad and that the new orders were driven mainly by local demand.
In September, there was an improvement in corporate confidence, which are expecting a recovery of the demand for goods and services produced in the UAE in the future.
*Translated by Sérgio Kakitani
