UAE's non-oil business growth picks up in Sept on strong demand-PMI
Reuters
Published Oct 04, 2023 12:17AM ET
DUBAI (Reuters) - Non-oil business activity in the United Arab Emirates expanded at a faster rate in September than the previous month, a survey showed on Wednesday, as new orders came in at the fastest rate in four years.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index jumped to 56.7 in September from 55.0 in August, far above the 50.0 mark signalling growth in activity.
The key driver of the headline index was a strong rebound in new business, with the new orders subindex rising to 64.7 from 57.6 the previous month, with the rate of expansion the fastest since June 2019, the survey showed.
David Owen, senior economist at S&P Global Market Intelligence said that the upturn in new work was supported by firms winning new clients both domestically and in export markets.
The output subindex indicated continued strong expansion in activity, rising to 62.8 in September from 61.9 the previous month, on increased new orders, ongoing projects and new marketing, the survey said.
Business confidence for the year ahead improved in September, linked to continued strong demand and new clients, the survey showed.
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Written By: Reuters
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