UAE’s non-oil private sector returns to growth in June – ZAWYA

UAE’s non-oil private sector returns to growth in June – ZAWYA

UAE's non-oil private sector returns to growth in June | ZAWYA MENA Edition HomeEconomyGCCArticleUAE's non-oil private sector returns to growth in June Output levels grew at their strongest pace since October 2019    Dubai Land Department executes AED 1.49 billion in real estate transactions today. Image courtesy Dubai Media Office Twitter handle.The UAE non-oil private sector returned to growth in June, as the country continued to lift restrictions implemented to stem the spread of the coronavirus. The headline seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) rose to 50.4 in June, from 46.7 in May."At 50.4 in June, the UAE PMI signalled the first stage of recovery in the non-oil private sector. More firms are now seeing an increase in activity as opposed to a decline, while new orders grew at the fastest rate in ten months,“ David Owen, Economist at IHS Markit, said.According to the IHS Markit report, output rose for the first time since December 2019 and levels grew at their strongest pace since October 2019."At 50.4 in June, the UAE PMI signalled the first stage of recovery in the non-oil private sector. More firms are now seeing an increase in activity as opposed to a decline,