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UAE’s non-oil private sector sees uptick in August

UAE’s non-oil private sector sees uptick in August

Arab Finance: The UAE’s non-oil private sector saw an uptick in business activity growth in August, according to the S&P Global UAE PMI™ release issued on September 5th.

The headline seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) increased to 56.7 in August, marking the highest since June 2019, from 55.4 in July, the data showed.

Output witnessed an upturn due to a sharp increase in new order volumes in August, with the rate of sales growth being the second-fastest in over three years.

The surveyed businesses referred to lower fuel prices as the main factor in cutting purchasing costs when wages increased marginally.

"Input costs notably fell for the first time since January 2021, as lower fuel prices helped to ease the burden on companies' expenses and encouraged price drops for other items,” Economist at S&P Global Market Intelligence David Owen said.

“The renewed decrease marked a considerable turnaround in inflationary pressures, which had reached an 11-year high in June,” he added.

In August, the outlook for future activity was “increasingly uncertain”, with expectations falling to the lowest since March 2021.

"Business confidence for the coming year was down to a 17-month low in August, amid warning signs that the global economy could enter a recession towards the end of the year,” Owen noted.

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