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March 05, 2017 | 17:30 | Dubai
Business conditions in the UAE’s non-oil private sector continued to improve in February, with a sharp and accelerated increase in inflows of new work underpinning a robust expansion of output. Strong demand conditions and a favourable economic environment encouraged companies to scale up purchasing activity and hire additional workers over the month. On the price front, average selling prices rose for the first time in almost one-and-a-half years as firms passed on to clients part of their additional cost burdens.
The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the UAE non-oil private sector.
Commenting on the Emirates NBD UAE PMITM, Khatija Haque, Head of MENA Research at Emirates NBD, said. “The rise in the UAE PMI to the highest level since September 2015 suggests that demand has strengthened, both domestically and abroad. Higher oil prices have likely contributed to improved sentiment and business activity over the last few months.”
As has been the case in each month for seven-and-a-half years, the headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – recorded above the crucial 50.0 threshold in February, thereby signalling a further improvement in the health of the private sector. Up from 55.3 in January to a 17-month high of 56.0, the latest reading was above its long-run average (54.5).