(MENAFN - The Peninsula) Business activity growth in the United Arab Emirates' non-oil private sector edged up in February from a three-month low in the previous month as output picked up, a purchasing managers' survey showed yesterday
The adjusted HSBC UAE Purchasing Managers' Index, which measures the performance of the manufacturing and services sectors, rose to 57.3 points in February from 57.1 in January. The index remains above the 50-point mark which separates growth from contraction, the survey of 400 private sector firms showed
"Output growth is strong, new orders are rising and employment is gaining speed, so far without driving up prices," said Simon Williams, chief economist for the Middle East and North Africa at HSBC. "This is a sweet spot in the UAE's economic cycle.
UAE firms saw output growth rise to 59.7 points in February from January's 58.7. New orders fell to 65.2 from 65.8, but growth in new export orders rose sharply to 60.1 points in February, the highest level since the series began in 2009
Employment creation across the UAE's non-oil private sector accelerated to 52.9 points in February