The UAE’s non-oil economy grew in April on the back of enhanced output and employment growth, boosting confidence in business growth prospects to a 34-month high.
The Emirates NBD UAE Purchasing Managers’ Index (PMI) rose to 55.1 in April from 54.8 in March. A reading above 50 suggests that the non-oil economy is expanding, while a reading below 50 indicates a contraction. The survey is sponsored by Emirates NBD, Dubai’s biggest bank by assets, and produced by IHS Markit, a financial information services company.
“The improvement in business conditions in the UAE in April was driven by strong output and new order growth, including a recovery in export orders,” said Khatija Haque, head of Middle East and North Africa research at Emirates NBD.
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Output growth advanced to a three-month high which anecdotal evidence linked to stronger inflows of new business. The pace of job creation showed marked signs of improvement in April after it dipped to a 17-month low in March, according to the survey.
Purchasing managers at more than 400 companies that were polled for the survey, overall expressed a more positive sentiment towards future growth prospects than the previous survey.
