Business activity in the UAE's non-oil private sector economy hit its highest level in more than four years in October, driven by a sharp rise in new orders and output.
The seasonally adjusted S&P Global purchasing managers’ index – a key gauge of the nation’s non-oil economy – showed “robust improvement”, climbing to 57.7 in October, from 56.7 in September, its highest since June 2019.
A reading above the neutral level of 50 indicates growth while one below it points to a contraction.
The latest reading prompted the “greatest improvement in operating conditions” since the middle of 2019, according to the survey.
“Sharply rising new order intakes” supported a marked increase in activity, as well as further additions to purchasing and staffing levels, it said.
No comments:
Post a Comment