UAE?s non-oil sector activity jumps sharply

Employment levels rose to a lesser extent in January than at the end of 2013 as non-oil producing private sector companies in the UAE reported a sharp but weaker rise in activity, according to the latest HSBC Purchasing Manager?s Index report.

Order intakes increased at a quick pace with around 43 per cent of companies reporting growth, the PMI, which tracks the economic health of the country?s manufacturing sector, shows.

The headline PMI fell slightly from December?s 57.4 to 57.1 in January, signalling a further improvement in operating conditions in the UAE?s non-oil producing private sector.

?Operating conditions in the sector have now improved continuously on a monthly basis since September 2009, with the latest reading among the highest seen in the survey?s history,? the report said.

Survey respondents commented on increased marketing efforts and improving economic conditions in the country. New export demand also strengthened in January, with the rate of growth in new export work higher than seen in the previous survey period.

Simon Williams, chief economist for Middle East and North Africa at HSBC, said the UAE has entered the year with strong growth while building momentum, even as some other emerging markets appear to be losing their way.

via Business – UAE?s non-oil sector activity jumps sharply.

Share