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Business activity growth slows in UAE says poll
(MENAFN- Arab News) DUBAI: Business activity growth in the United Arab Emirates' nonoil private sector slowed to a 22-month low in June partly because of the start of the holy month of Ramadan a corporate survey showed.
The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index which covers manufacturing and services fell to 54.7 points last month from 56.4 in May. The 50-point level separates growth from contraction in the survey of 400 firms.
"Although the June PMI data was the softest in two years it signals solid growth in the nonoil private sector" said Khatija Haque head of regional research at Emirates NBD.
She attributed some of the slowdown to Ramadan which began on June 18 this year. Activity at many firms in the Arab world moderates during the month.
Haque said it was difficult to determine whether the softening would continue into the third quarter. Output growth dropped to 57.5 points from 62.8 while new order growth fell more moderately to 57.7 points from 60.9. Employment growth slowed only slightly.
Output price inflation turned marginally positive in June after four months of falling prices while input price inflation slowed moderately to 50.9 points.
Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license.
The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index which covers manufacturing and services fell to 54.7 points last month from 56.4 in May. The 50-point level separates growth from contraction in the survey of 400 firms.
"Although the June PMI data was the softest in two years it signals solid growth in the nonoil private sector" said Khatija Haque head of regional research at Emirates NBD.
She attributed some of the slowdown to Ramadan which began on June 18 this year. Activity at many firms in the Arab world moderates during the month.
Haque said it was difficult to determine whether the softening would continue into the third quarter. Output growth dropped to 57.5 points from 62.8 while new order growth fell more moderately to 57.7 points from 60.9. Employment growth slowed only slightly.
Output price inflation turned marginally positive in June after four months of falling prices while input price inflation slowed moderately to 50.9 points.
Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license.
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