Private sector business activity in the UAE hit a 3-month low in June as input cost pressures remained elevated, a purchasing managers’ survey showed on Tuesday.
The HSBC UAE Purchasing Managers’ Index (PMI), which measures the performance of the OPEC member’s manufacturing and services sectors, fell from 56 in May to 55.2 in June (its lowest reading for three months), but the PMI remained above its long-run trend. A reading above 50 indicates economic expansion.
“The headline number has softened for a second consecutive month, suggesting that the lift the UAE received from unrest elsewhere may be fading,” said Simon Williams, chief economist for Middle East & North Africa at HSBC.
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