The widely followed Purchasing Managers Index compiled by HSBC shows the UAE economy is close to stalling, ending the recovery evident in the first half of the year.
August was a particularly bad month, even after seasonal adjustments for the summer and Ramadan, and the PMI score fell to 50.9, its lowest level in 14 months. Regional chief economist Simon Williams commented: You can’t help feeling the slowdown across developed and emerging markets is evident here’.
For Saudi Arabia its PMI score slipped by two points to 58, the lowest reading in 18 months, reflecting a slowdown in output and new orders.
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