nonoil growth in uae economy hits a 19month high
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Non-oil growth in UAE economy hits a 19-month high

Arab Today, arab today

Arab Today, arab today Non-oil growth in UAE economy hits a 19-month high

The UAE economy.
Dubai - Arab Today

UAE non-oil businesses grew by their fastest rate in more than a year and a half in March, adding to signs throughout the first quarter that the economy is starting to recover from a low oil price-induced slump.
According to the Emirates NBD/ IHS Markit Purchasing Managers Index published on Tuesday, which measures the economic confidence of business managers in the manufacturing and services industries, non-oil PMI growth climbed to a 19-month high of 56.2 in March, from 56.0 in February.
A figure above 50 indicates that businesses in the country are expanding, while a figure below 50 signals a contraction.
The index, collected from a monthly survey of business conditions in the UAE non-oil private sector, had fallen to a low of 53.9 last year owing to the effect of low oil prices on the UAE economy.
The rate of business expansion last month accelerated to the sharpest in more than two years, something managers said was fuelled by improved market demand, a general improvement in economic conditions and a growth in the number of new projects
"The latest PMI survey for the UAE points to encouraging growth in the non-oil economy through the first quarter of 2017. What was particularly notable in this report was the degree of optimism among local firms about the potential for further improvements in client demand, which was evident in a strong rise in purchasing activity," said Tim Fox, the head of research and chief economist at Emirates NBD.
Mr Fox said that an increase in the amount of construction activity and promotional activities were behind the rise in new orders.
Firms reported that they had recruited staff to meet the increasing demand. But the rate of job creation was only modest – which meant that the rate of backlog accumulation edged up to a six-month high. Companies reported that higher demand had contributed to rising work outstanding.
An increase in new orders also meant that firms scaled up buying levels, pushing up the rate of inventory accumulation to a survey-record high as firms anticipated even more demand in future.
According to the survey, higher demand for raw materials meant that prices rose. However, intense market competition meant that many firms felt unable to pass on the cost hikes to customers as output prices remained stable.
The rise in business optimism in the UAE was also reflected in neighbouring Saudi Arabia, where although the survey reported that non-oil PMI growth slipped from February’s 18-month high of 57.0 to 56.4 in March, the PMI average for the first quarter of 2017 (56.7) was still the highest in one-and-a-half years.
But in Egypt, which is still suffering the effects of the Arab Spring and where last year the government was forced to devalue the currency in an attempt to attract fresh capital into the country and end a hard currency shortage, the PMI survey painted a much more gloomy picture.
According to the survey, operating conditions in the non-oil private sector edged down from 46.7 in February to 45.9 in March, pointing to a marked worsening in business conditions.
Last month the UAE Minister of Economy said he expected GDP growth to reach 3.5 to 4 per cent this year, boosted by higher oil prices and infrastructure ­projects under way ahead of Expo 2020.

Source: The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nonoil growth in uae economy hits a 19month high nonoil growth in uae economy hits a 19month high

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nonoil growth in uae economy hits a 19month high nonoil growth in uae economy hits a 19month high

 



GMT 11:28 2017 Saturday ,15 April

President Al-Bashir's visit to Kuwait and Bahrain

GMT 07:51 2017 Sunday ,26 November

HRH Crown Prince condoles with Egyptian President

GMT 14:35 2018 Friday ,12 October

Bahrain's media history documentation hailed

GMT 11:45 2017 Friday ,29 December

10 bodies found in mass grave in Myanmar

GMT 08:44 2016 Monday ,19 December

Hopeless Afghan struggle to save boy sex slaves

GMT 15:15 2013 Friday ,05 July

I breathe freedom in Jordan

GMT 12:55 2016 Sunday ,18 December

Kerry in likely last visit with Saudi king

GMT 05:49 2017 Wednesday ,24 May

Indian police make arrests after mobs lynch 8

GMT 12:12 2017 Sunday ,19 February

More South Sudanese officials quit unity gov't

GMT 09:25 2017 Wednesday ,09 August

Ghada Abdel Raziq prefers exciting drama

GMT 15:03 2017 Saturday ,14 October

HM King congratulates French President

GMT 22:10 2017 Wednesday ,03 May

Boosting Bahraini-Czech relations discussed

GMT 12:43 2017 Thursday ,30 November

Saudi prince freed in 'billion-dollar deal'

GMT 03:55 2017 Friday ,17 November

Al-Hilal's Eduardo looking to lead from the front

GMT 03:26 2017 Saturday ,18 November

Tesla's all-electric semi truck
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday