RPT-Coronavirus hits already sluggish UAE non-oil private sector in March - PMI - Reuters:
The coronavirus pandemic in March accelerated the downturn in an already sluggish non-oil private sector in the United Arab Emirates (UAE), bringing business conditions there to their weakest level on record, a survey showed on Sunday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 45.2 in March from 49.1 in February. Readings above 50 indicate expansion while those below point to contraction.
It was the biggest contraction on record, as travel and social restrictions aimed at containing the spread of the virus hurt businesses.
“New business volumes fell at a steep pace, driven by lower customer sales, reduced tourism and weaker trade as countries across the world closed borders,” said David Owen, economist at IHS Markit and author of the report.
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