UAE non-oil private sector grows for 13th consecutive month in December on the back of sharp expansion in new business.
Dubai , Dubai
05 January 2022, 12:00 AM
31 January 2022, 12:00 AM
The UAE’s non-oil private sector grew strongly in December, recording its 13th consecutive month of growth on the back of sharp expansion in new business.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), an indicator designed to give an overview of operating conditions in the non-oil private sector economy, has signalled a strong improvement in business conditions throughout the final quarter of 2021, thanks to Expo 2020.
The index dropped to 55.6 in December, down only slightly from November's 29-month high of 55.9.
Output, which measures business activity, rose to 62.7 in December from 61.6 in November, its highest since July 2019.
David Owen, economist at IHS Markit said,“The PMI remained close to its recent peak, at 55.6 in December, showing that the benefits to the economy from the Expo 2020 and the loosening of Covid-19 measures had remained strong throughout the final quarter of the year. New work volumes rose sharply, supporting the fastest upturn in business activity for almost two-and-a-half years.”