UAE's non-oil business activity contracts in November over weak demand: PMI | ZAWYA MENA Edition
The UAE non-oil private sector economy suffered a further deterioration in business conditions during November, latest PMI data showed, in part caused by the first decline in activity since May.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, stood at 49.5 in November, unchanged from October and staying below the 50.0 mark that separates growth from contraction.
David Owen, Economist at IHS Markit, said: “Notably, the latest data signalled a renewed decline in output across the non-oil economy in the UAE during November. The sector continued to suffer from weak demand which, despite a partial recovery, is reportedly still much softer than prior to the COVID-19 pandemic.”
The October reading signalled that the UAE non-oil economy is struggling to maintain a robust recovery from the COVID-19 lockdown earlier in the year.
Firms continued to struggle amid subdued market conditions and lower customer numbers than seen prior to the coronavirus disease 2019 (COVID-19) pandemic. New orders grew during the month, but only slightly, whereas more positively employment fell at slowest rate since February, IHS Markit said.
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