UAE non-oil economy grows as PMI remains above 56 in Sep| MENAFN.COM

Friday, 09 December 2022 09:57 GMT

UAE non-oil economy grows as PMI remains above 56 in Sep


(MENAFN) According to the most recent statistics from S&P Global, the United Arab Emirates continues to have solid growth in business conditions across the non-oil sector, despite a minor dip in its Purchasing Managers' Index from 56.2 in August to 56.1 in September.

Despite the slightly higher rating of 56.7 for August, S&P classifies readings above 50 as growth and readings below 50 as contraction.

As a result, it stated, the September PMI score of 56.1 indicates a significant improvement in the state of the non-oil private sector.

S&P Global Market Intelligence economist David Owen made the statement, “the UAE PMI was slightly lower at 56.1 in September, after August’s 38-month high of 56.7, but was nonetheless indicative of another strong pace of improvement in the non-oil economy.”

S&P stated that companies also faced relatively modest price pressures as robust new business development continued to fuel gains in output and employment while input costs only marginally increased following a resumed decline in August.

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