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UAE’s non-oil private sector expands sharply in December: PMI

UAE’s non-oil private sector expands sharply in December: PMI

The UAE's non-oil private sector has witnessed a sharp growth in terms of new business during December 2021, Zawya reported, citing a survey.

Meanwhile, output levels have grown at the fastest pace in around two-and-a-half years, backed by Dubai’s Expo 2020, improved tourism, and lower spending amid the economic recovery, the survey showed.

The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) slipped to 55.6 in December from 55.9 in November, according to the survey.

"New work volumes rose sharply, supporting the fastest upturn in business activity for almost two-and-a-half years," economist at IHS Markit David Owen said.

New orders have seen an uptick in December, while new export orders have grown marginally.

Moreover, workforce numbers increased slightly, with employment recovering after a long period of decline.

Businesses reported growth in input prices, impacted by higher fuel and energy costs and raw material prices.

On the other hand, output charges dropped for the fifth month in a row in December.

The outlook for business confidence fell to a three-month low in December, with only 14% of respondents giving a positive outlook.

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