Non-oil business activities in the UAE in October witnessed strong growth, compared to the previous month, supported by a sharp rise in new purchase orders and a notable increase in activity, as well as increased levels of purchasing and employment. The level of confidence regarding the outlook for the next 12 months also remained high.
Meanwhile, rising fuel and material prices led to a sharp increase in business costs in October, with inflationary pressures accelerating to their highest level in 15 months. For this reason, companies raised their sales prices for the first time in a year and a half, albeit only slightly while continuing to offer widespread discounts.
The Standard & Poor’s Global Purchasing Managers’ Index in the UAE, adjusted for seasonal factors, jumped to 57.7 points in October from 56.7 in September, which is well above the 50.0 threshold that indicates growth in activity, and is also the highest level since June 2019, indicating improvement. Strong in sector conditions.
2023-11-03 05:12:05
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