The UAE Purchasing Managers' Index (PMI) made a big jump last November; To reach its highest level in nearly two and a half years, specifically since June of the year 2019.
The index of the (IHS Markit) group rose last November to 55.9 points, compared to 55.7 points in the previous October.
The report issued by the group stated that the index, adjusted for seasonal factors, is a composite index designed to provide an accurate overview of operating conditions in the non-oil private sector economy. .
The indicator continued to indicate a strong improvement in the conditions of the non-oil producing sector in the UAE, and this improvement was faster than the average during the epidemic period.
According to the index, operating conditions in the non-oil-producing UAE economy continued to expand rapidly in November, as the growth rate exceeded the October reading and recorded the strongest rate in what Almost two and a half years.
Production and new business rose at a remarkable and accelerating rate, as companies continued to enjoy the increased economic activity resulting from Expo 2020.
While business confidence declined during the month of November, it remained stronger than recorded throughout the epidemic.
On the other hand, staffing levels remained broadly flat during the last study period, while inventory levels expanded at the weakest rate in a year.
In addition, production prices were reduced for the fourth consecutive month as some companies continued to face challenges arising from the strength of competition.
