U.A.E. Business Conditions Hit 8-Year Low Amid Tough Competition - Bloomberg:
Business conditions in the United Arab Emirates fell to an eight-year low in August as competitive pressures bit.
IHS Markit’s Purchasing Managers’ Index dropped to 51.6 from 55 a year earlier and 55.1 in July, edging close to the threshold of 50 that separates contraction from growth.
Heightened market competition continued to weigh on growth, forcing companies to cut prices by the most since April, according to panelists surveyed in the monthly release. Activity in the non-oil economy increased “at a notably softer rate” compared to July, with weaker demand curbing the expansion, the report said. Even so, customer spending remained strong in the second-largest Gulf economy.
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