UAE March non-oil private sector growth climbs to 20-month high - PMI | Reuters
The United Arab Emirates’ non-oil private sector grew in March at the fastest pace since July 2019, boosted by new business and a sharp rise in the construction sector, a survey showed on Monday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, rose to 52.6 in March from 50.6 in February, hitting a 20-month high and indicating a solid upturn in business conditions but still below the series average of 54.1.
“The PMI has also now been above the 50.0 no-change mark in each of the latest four months, signalling increased momentum in the economy’s recovery. Likewise, business confidence improved to an eight-month high, with vaccine optimism driving confidence in future activity,” said David Owen, economist at survey compiler IHS Markit.
The output subindex climbed to 56.3 in March from 51.8 in February, also reaching its highest level since July 2019 but still below the series average of 57.3.
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