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UAE non-oil business growth rebounds in November: PMI
December 5, 2016 / 4:21 AM / a year ago

UAE non-oil business growth rebounds in November: PMI

DUBAI (Reuters) - Business activity growth in the United Arab Emirates’ non-oil private sector rebounded slightly in November from a six-month low in October, according to a corporate survey published on Monday.

The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, rose to 54.2 last month from 53.3 in October. The 50-point level divides expansion from contraction.

“The November PMI data is encouraging as it continues to point to strong activity growth in the UAE, even as external demand remains soft,” said Khatija Haque, head of regional research at Emirates NBD.

“However, the environment remains competitive, and margins continue to be squeezed by rising input costs and declining output prices.”

Growth in new orders accelerated to 56.4 in November from 53.2 but output growth actually slowed, to 59.8 from 60.6. Employment growth gathered pace.

Output prices fell outright in November for a 13th straight month, while input price inflation rose marginally.

Reporting by Andrew Torchia

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