UAE non-oil private sector shrinks for second time in three months | Reuters
The United Arab Emirates’ non-oil private sector slipped back into contraction in October for the second time in three months, a survey showed on Tuesday, stunting the country’s economic recovery from the coronavirus pandemic.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 49.5 in October from 51.0 in September, slipping below the 50.0 mark that separates growth from contraction for the seventh month this year.
The new orders sub-index shrank for the first time since May, falling to 49.3 in October from 52.6 in September.
“While the decline was mild, it nonetheless showed a stalling of growth momentum after the COVID-19 lockdown. Notably, sentiment amongst businesses towards the 12-month outlook was at a joint-record low as firms remained concerned that the pandemic could further hurt activity and spending,” said David Owen, economist at survey compiler IHS Markit.
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