gulfnews : Private-sector growth in UAE hits 15-month low

Growth in private sector business activity in the UAE plummeted to a 15-month low in August as output stagnated and new order growth fell to its lowest rate in a year, according to the HSBC Purchasing Managers' Index (PMI) released yesterday.

Analysts predict the negative trend will continue and gradually improve by November.

The HSBC PMI, which measures business activity of 400 private firms in the UAE across manufacturing, services, construction and retail sectors, dropped to 50.9 points in August from 53.3 points in July. In marked contrast, the PMI was 57.5 points in April — the highest level recorded since the index was started in August 2009 —with 50 being the no-change mark.

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