UAE's non-oil private sector posts slowest growth in 8 years in December | ZAWYA MENA Edition:
Conditions in the UAE’s non-oil private sector have remained subdued, as businesses struggle to keep sales up and stimulate demand amid stiff competition, according to new data.
The latest IHS Markit UAE Purchasing Managers’ Index (PMI) released on Monday showed that the non-oil private sector ended 2019 on a downbeat note, with output growth the weakest in over eight years and new work rising only marginally after November’s downturn.
However, entrepreneurs and analysts are still optimistic about the year ahead, citing that the upcoming World Expo 2020 in Dubai, which is expected to attract tourists and stimulate hiring activity, will prop up the domestic economy.
The PMI for December dropped to 50.2 compared to 50.3 in November signaling that the rate of improvement in business conditions was only fractional.
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