UAE's Non-Oil Private Sector Shows Steady Growth in May

UAE's Non-Oil Private Sector Shows Steady Growth in May

By Staff Writer, 05 June 2024

The UAE's non-oil private sector experienced steady growth in May, with the Purchasing Managers' Index holding firm at 55.4.

However, non-oil companies experienced a record increase in outstanding business levels, largely due to robust sales pipelines and the impact of April's flooding crisis.

The largest-ever increase in backlogs of work was also reported.

The PMI stood at 56.9 in March, above its long-run average of 54.4, indicating a robust improvement in operating conditions.

The survey also highlighted increased input demand and the need to replenish stocks, leading to intensified price pressures.

Input costs rose at the sharpest rate in nearly two years, prompting the fastest price increase since April 2021.

The rate of business activity growth softened to a 16-month low, with some companies noting operational disruptions.

Source: Arab News

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