A survey showed, today, Wednesday, that The growth of the non-oil private sector in the UAE It slowed in December for the second month in a row, while production growth fell to its lowest level in 15 months.
The S&P Global UAE Seasonally Adjusted Purchasing Managers’ Index fell to 54.2 in December from 54.4 in November, in line with the average.
“The slowdown reflects downward moves in three of the largest components of the PMI, with output and new business growth falling to their lowest in 15 months, while the employment index rose at the lowest rate,” wrote David Owen, an economist at Standard & Poor’s Global Market Intelligence. in eight months.”
“While domestic demand conditions remain relatively strong, the weakness in the global economy has led to the first decline in new export business since August 2021,” he said.
The production sub-index continued to show significant growth in non-oil private sector activity, although it fell to 58.8 points in December from 59.9 in the previous month.
The new orders sub-index fell to 55.5 from 55.7 in November. The employment index also slowed to 50.6 last month from 51.5 in November.
