S&P Global: UAE non-oil economy grows as PMI remain above 56...| MENAFN.COM

Monday, 05 December 2022 01:31 GMT

S&P Global: UAE non-oil economy grows as PMI remain above 56 mark in Sept


(MENAFN) The UAE remains to see robust expansion in business situations through the non-oil economy while its Purchasing Managers’ Index marginally decreased to 56.1 last month during the last month, the most recent figures from S&P Global showed.

August had registered a marginally greater PMI of 56.7, but S&P believes any readings higher than 50 as expansion whereas those under 50 are indicated as declines.

Therefore, the September PMI number of 56.1 is representative of a robust expansion in the strength of the non-oil private industry, it mentioned.

“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,” according to what was said by David Owen, an economist at S&P Global Market Intelligence.

He continued that “At a time of heightened global recession risks, these findings suggest that domestic businesses are keeping well clear of economic storms in other regions, helped by above-trend rates of growth in output and new business as the country continues to recover from the pandemic.”

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