UAE Non-Oil Private Sector Growth Slows to Lowest Pace in Nearly Three Years

The United Arab Emirates’ non-oil private sector hardly witnessed any growth in July 2024, with the index recording the lowest level since almost three years ago.

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David Owen, an economist from S&P Global Market Intelligence, mentioned that the latest drop in the UAE PMI follows an underlying fall in growth momentum across the non-oil economy.

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New order growth slowed to a three-month nadir in July. The sub index for new orders dipped to 57.5 from 58.8 in June, although it stays in expansion territory.

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The survey also mentioned that price inflation increased, with the index for input prices at a two-year high.

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Despite the recent slowdown, the PMI data showed that there was solid expansion in the non-oil sector.

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