November 16, 2024

Growth in UAE's Non-Oil Sector Soars to Fastest Pace Since April

UAE’s non-oil sector saw robust growth in October, with the S&P Global PMI rising to 54.1, its highest since April. This was driven by higher output, strong sales, and healthy client demand.

While new order growth has slowed to its lowest since February 2023, this allows businesses to focus on quality and strategic development in job creation and pricing.

On a positive note, business sentiment has rebounded after a dip in September, with firms optimistic about future growth due to lower input cost inflation. Activity levels have risen, leading to a gentle increase in employment opportunities, while inventory levels have stabilized and supplier delivery times improved.

In Dubai, the PMI at 53.2 indicates ongoing growth despite market competition. Output growth has accelerated, showcasing business adaptability. Slower input costincreases enable firms to adjust prices competitively, reinforcing their market position. Overall, these trends reflect a positive outlook for businesses in the region.

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