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FINANCIAL NEWS
UAE’s non-oil business up in August
04 Sep 2014
(MENAFN) UAE’s non-oil sector’s business activity increased in August at its fastest rate recorded as the country generated sharp gains in output and new business, Khaleej Times reported.
UAE Purchasing Managers’ Index increased to hit 58.4 points in August, compared to 58.0 in July at the highest pace since the series began in August 2009. The index indicates the activity of UAE’s non-oil economy by measuring the performance of the manufacturing and services sectors.
Growth in export orders quickened to 64.0 points, registering the highest level since the series began in 2009, while job creation across the UAE’s non-oil private sector remained at 53.4 points in August.
Output prices were up again 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 quickened to 56.0 points, the highest level since May 2012.
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