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EMPLOYMENT 'GAINING SPEED'

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UAE business activity growth slows in June

Dubai, July 2, 2013

Growth of business activity in the United Arab Emirates' non-oil private sector slowed in June from a three-month high in the previous month, as expansion of output and new orders eased, a purchasing managers' survey showed on Tuesday.
 
The HSBC UAE Purchasing Managers' Index, which measures the performance of the manufacturing and services sectors, fell to 54.1 points last month from 55.3 in May.
 
The adjusted index remains above the 50-point mark which separates growth from contraction, the survey of 400 private sector firms showed.
 
"Although the data show a modest slowdown into the start of the hot summer months, the economy is still in growth mode with output still rising and employment gaining speed," said Simon Williams, chief economist for the Middle East at HSBC.
 
"The sharp slowdown in other emerging markets is a concern, but robust new orders figures suggest the UAE is likely to retain momentum for now, as strong domestic and regional demand compensates for weakness in Asia and beyond," he said.
 
UAE firms saw output growth drop to 54.5 points in June, the lowest level since November 2012, from 55.8 in the previous month. New orders were at 58.1 points, the weakest level since April 2012.
 
But employment growth across the UAE's non-oil private sector picked up slightly to 54.0 points in June from 53.3 in the previous two months.
 
Output price growth rebounded to 50.7 points after three consecutive months below the 50 mark. Input price growth eased to a five-month low of 52.1 points.
 
Consumer price inflation in the UAE, the world's No. 3 oil exporter, edged up to 1.0 percent on an annual basis in May, government data showed last month. - Reuters



Tags: UAE | economy | growth | manufacturing |

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