https://arab.news/2a2fp
- There was a sharp expansion in business conditions due to a significant quickening in both output and new orders compared to the prior month
The United Arab Emirates's Purchasing Managers' Index (PMI) surged to its highest reading since June 2019 thanks to growth in spending and tourism during the opening of Expo 2020, according to the latest IHS Markit report.
The PMI stood at 55.7 in October, up from September's 53.3.
There was a sharp expansion in business conditions due to a significant quickening in both output and new orders compared to the prior month, the report said.
New orders soared in October as demand considerably gained momentum with the beginning of Expo 2020.
The index is a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy and October's figure was well above the 50.0 no-change mark.
Responding to the upswing in activity, UAE's non-oil companies have boosted output levels to the greatest extent since July 2019.
Moreover, input cost inflation also slowed in October with purchase costs slightly up. Staff costs, on the other hand, declined for the first time since January.