UAE July Non-Oil Business Growth Rebounds From 2 yr Lows
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index rose to 55.8 pts last month from 54.7 in June
Business activity growth in the United Arab Emirates’ (UAE) non-Oil private sector rebounded in July from a 22-month low in June, a corporate survey showed on Tuesday.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) which covers manufacturing and services, rose to 55.8 pts last month from 54.7 in June. A level above 50 indicates expansion and below 50, contraction.
“July’s PMI is another indication that growth in the UAE’s non-Oil economy is proving resilient in the face of a challenging regional and global economic environment,” said Jean-Paul Pigat, senior economist at Emirates NBD.
The rebounds in output and new orders were particularly encouraging, and expect this momentum to continue through the remainder of Y 2015.
The output sub-index rose sharply to 60.0 pts in July from 57.5 in June, while the new orders sub-index climbed to 60.2 from 57.7. Employment continued to grow at the same moderate pace.
Output prices fell last month, with the sub-index at 49.5 pts, but the input price subindex rose sharply to 53.4 from 50.9, although it remained moderate compared to last year’s levels
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Paul Ebeling
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