Business activity in the United Arab Emirates’ non-oil private sector increased at the quickest step on record in August, supported by sharp gains in output and new business, a purchasing managers’ statistics showed.
It evaluates the performance of the manufacturing and services sectors, mounted to 58.4 points in August from 58.0 in July and the highest since the series began in August 2009.
The usually modified index retains above the 50-point mark which splits expansion from contraction, the statistics of 400 private sector firms revealed.
The September PMI information only intensifies their expectation that the economy will continue to do well over the rest of the year and into 2015.
UAE firms distinguished output development speeds up to 62.2 points in August from 61.6 points in July. New orders progress picked up to 66.4 points in August, the maximum rate since November 2013.
Progress in new export orders quickened to 64.0 points, the maximum level since the series started in 2009. Employment formation across the UAE’s non-oil private sector continued at 53.4 points in August.
Output prices bounced back after falling for four months, with the index up at 51.0 points in August from 49.5 in July. The rate of input price inflation sped up to 56.0 points, the utmost rank since May 2012.