UAE non-oil private sector maintains solid growth, employment rises – Reuters

UAE non-oil private sector maintains solid growth, employment rises – Reuters

DUBAI, Sept 5 (Reuters) - The United Arab Emirates' non-oil private sector continued its solid growth in August, only marginally below an expansion in July that was the fastest pace in two years, a business survey showed.

The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July, remaining well above the 50.0 mark that separates growth from contraction and slightly below the series average since 2009 of 54.1.

The UAE was hard-hit by the double blow of last year's historic oil price crash and the COVID-19 pandemic, though many restrictions were scaled back over a year ago and the economy has been in recovery.