UAE's non-oil private sector economy continues strong growth in November - IHS Markit

UAE - Mubasher: The adjusted IHS Markit UAE Purchasing Managers' Index (PMI) recorded 55.9 in November, up from 55.7 in October, reflecting the continued growth in the non-oil private sector economy that was faster than the pre-pandemic level.

November's UAE PMI registered the highest reading since June 2019, driven by the rise in output and new business at accelerated rates, according to a press release on Tuesday.

The demand levels have strongly increased across companies amid the reopening of tourist destinations and Expo 2020.

However, employment levels remained unchanged in November after five months in a row of expansion, and business confidence retreated but remained stronger than witnessed throughout the pandemic.

The Economist at IHS Markit, David Owen, said: "Whilst higher than seen throughout much of the pandemic, business confidence was still subdued compared to the historical average in November, as firms indicated that high competition had clouded their sales forecasts."

Owen added: "The stagnation of hiring activity suggested that businesses are delaying staff decisions until they know the full extent of the economic recovery following the expo."

Mubasher Contribution Time: 07-Dec-2021 07:06 (GMT)
Mubasher Last Update Time: 07-Dec-2021 07:06 (GMT)