SLOW AND STEADY: UAE March business activity improves slightly
Kipper Report - almost 5 years
The HSBC UAE Purchasing Managers’ Index, which measures the performance of the manufacturing and services sectors, increased to 52.3 points last month from 52.0 in February. The adjusted index remains above the 50-point mark which separates growth from contraction, the survey of 400 private sector firms showed.
“The data is still painting a picture of an economy that is stable, not one that is gaining momentum,” said Simon Williams, chief economist for the Middle East and North Africa at HSBC.
UAE firms saw output growth increase to 53.4 points from a five-month low of 52.5 in February, but new orders fell to a three-month low of 56.5 points in March, the survey showed.
Job creation across the UAE non-oil private sector gained pace in March with the latest increase the most pronounced since October 2011. However, the rise in headcounts was only marginal and below the series average.
“Employment still looks sluggish, wages flat and export demand soft. Another month of fl
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