With new business booming and output accelerating, the UAE’s non-oil private sector saw its greatest expansion in seven months in September. A strong and speedier improvement in non-oil business conditions was indicated by the S&P Global UAE Purchasing Managers’ Index (PMI), which increased from 53.3 in August to 54.2.
A deeper change was concealed by the headline PMI jump: businesses reported a dramatic turnaround in new orders, especially from the domestic market, which increased production and encouraged the hiring of labor. However, due to intense competition, businesses continued to exercise caution when it came to pricing and inventory accumulation.
Demand significantly increased in September following a pause in August, when new orders fell to their lowest level in more than four years. The strongest intake since February was reflected in the new orders sub-index, which jumped from 53.1 to 57.2. More than 30% of the companies surveyed reported an increase in order volumes. The recovery was driven primarily by domestic demand, while export orders also rose, albeit more slowly. Production reacted favorably as a result, displaying one of the quarter’s more notable monthly gains.
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