FINANCIAL NEWS

UAE business activity slows in June: Survey

03 Jul 2012

(MENAFN) A recent business survey found that business activity in UAE’s non-oil private sector cooled down to a 3-month low in June, Reuters reported.

The HSBC UAE Purchasing Managers’ Index dropped to 53.2 points last month from an 11-month high of 53.8 in May. The gauge measures the performance of the manufacturing and services sectors.

Still, the adjusted index remains above the 50-point mark which separates growth from contraction. The Survey was conducted on 400 companies in the private sector.

The gauge also showed that UAE firms’ output eased to 54.6 points in June from 54.8 in May, as new orders slowed to 58.4 from an 11-month high of 59.1.

Employment across the UAE’s non-oil private sector rose for a sixth month in a row, the survey unveiled.

Last month, Minister of Economy Sultan bin Saeed al-Mansouri revised his expectations for the Gulf country’s GDP to around 3 percent from 4.2 percent in 2011 as the global economy remains weak.

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