#UAE non-oil private sector hits second consecutive record low: PMI - Reuters

UAE non-oil private sector hits second consecutive record low: PMI - Reuters:

The United Arab Emirates’ (UAE) non-oil private sector shrank at a record rate for the second month running in April, as lockdown measures to fight the coronavirus pandemic piled pressure on an already sluggish economy.

The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 44.1 in April from 45.2 in March. The 50.0 mark separates expansion from contraction.

The output and new export orders sub-indices fell sharply, both falling to record lows since the survey began in August 2009. Output tumbled to 39.9 in April from 47.2 in March.

“Shop closures and restrictions in domestic and international travel had huge repercussions on new business, which fell at an unprecedented pace after also declining sharply during March,” said David Owen, economist at survey compiler IHS Markit.