Business activity in the UAE and Saudi Arabia dropped last month as seasonal factors and deteriorating global growth hit Gulf economies.
HSBC's headline purchasing managers' index (PMI) in the UAE fell the most since the survey began in August 2009. Output, employment and new orders all slowed. In Saudi Arabia, the index dropped to an 18-month low.
The bank said, however, that seasonal factors such as Ramadan and the summer holiday may mean the decline has been overstated.
No comments:
Post a Comment