Accelerating new orders growth led to an improvement in non-oil business activity in the UAE in April, according to the purchasing managers’ index (PMI) by S&P.
The seasonally adjusted index increased to 56.6 in April from 55.9 in March, a six-month high, suggesting further improvement in the country’s non-oil economy.
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The new orders sub-index jumped to 59.9 in April from 56.2 in the previous month, the fastest pace of growth in new business since November 2021, mostly due to domestic demand.
David Owen, chief economist at S&P Capital Intelligence, said: “The UAE PMI rose for the third consecutive month in April in a sign of a stronger rate of expansion across the non-oil economy, driven by rapidly increasing new orders and easing inflationary pressures.”
“Efforts to improve services and boost marketing have also emphasized growth and supported the strong expansion of the business.”
The output sub-index rose to 62.7 last month, up from 62.2 in March, the highest pace of growth since October 2022, and despite a decline in employment activity from March, the sub-index remained above 50, indicating continued job growth.
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