UAE News: Business Growth Halts for First Time Since 2009 - Bloomberg:
Business conditions in the United Arab Emirates worsened for the first time in over a decade as the virus outbreak in China risks further disruption to the Gulf nation’s trade and tourism.
Hurt by employment losses and a drop in new orders, operating conditions in the second-biggest Arab economy deteriorated in January, according to IHS Markit. Its U.A.E. Purchasing Managers’ Index, a snapshot of the country’s non-oil private sector, dropped to 49.3, crossing the threshold of 50 that separates contraction from growth.
“Key to the decline were firms’ efforts to reduce employment at one of the fastest rates on record in order to streamline costs,” David Owen, economist at IHS Markit, said in a statement on Tuesday.
Business conditions in the United Arab Emirates worsened for the first time in over a decade as the virus outbreak in China risks further disruption to the Gulf nation’s trade and tourism.
Hurt by employment losses and a drop in new orders, operating conditions in the second-biggest Arab economy deteriorated in January, according to IHS Markit. Its U.A.E. Purchasing Managers’ Index, a snapshot of the country’s non-oil private sector, dropped to 49.3, crossing the threshold of 50 that separates contraction from growth.
“Key to the decline were firms’ efforts to reduce employment at one of the fastest rates on record in order to streamline costs,” David Owen, economist at IHS Markit, said in a statement on Tuesday.
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