The non-oil private sector in the United Arab Emirates (UAE) expanded at a slower pace in February, reflecting cautiously optimistic sentiment among entrepreneurs, data from a survey by Markit Economics and HSBC Bank showed Monday.
The purchasing managers' index (PMI) for the non-oil private sector dropped modestly to 52 in February from 52 .4 in January. A PMI reading above 50 indicates expansion in the sector, while one below suggests contraction.
New business received by firms increased sharply in February, reflecting strong demand from both the foreign market and the domestic market. Output also increased during the month, in line with the growth in new orders, though at the weakest pace in five months.
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