Pre-VAT buying boosts UAE private sector growth to 35-month high: PMI | ZAWYA MENA Edition:
"Growth of the United Arab Emirates’ non-oil private sector accelerated to a 34-month high in December, partly because of a rise in consumer spending to beat the introduction of value-added tax (VAT) in January, a survey showed on Thursday.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, rose to 57.7 last month from 57.0 in November. Above 50 indicates expansion and below shows a contraction.
Output growth fell sharply last month to 60.7 from 64.3 but remained strong by historical standards, while growth in new orders rose sharply to a 35-month high of 64.8 from 60.1. "
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