A pickup in new orders helped to sustain expansion in UAE business activity last month as the private sector showed resilience to the global slowdown.
Growth in the non-oil private sector dipped slightly to 53.3 last month, down from 53.4 the previous month, according to data released yesterday from the HSBC purchasing managers' index (PMI). But the reading remained above the 50 mark that indicates expansion.
"It's a very solid number compared with much of the world and what's particularly encouraging is the bounce in the new export orders index, after a somewhat worrying drop in July," said Liz Martin, the senior economist in the Middle East at HSBC. "Of course, we remain concerned about the impact of the weak global demand climate but these numbers suggest continued resilience so far."
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