UAE non-oil private sector at its fastest growth in 7 months

LATEST PMI SIGNALS IMPROVED ACTIVITY ACROSS OUTPUT, NEW WORK, HIRING

- BY JUSTIN VARGHESE Your Money Editor

The UAE's non-oil private sector recorded its strongest performance in seven months in September, driven by faster growth in new business and steady expansion in output, according to the latest S&P Global UAE Purchasing Managers' Index (PMI).

The seasonally adjusted PMI rose to 54.2, up from 53.3 in August, signalling a solid improvement in operating conditions across the non-oil economy. Any reading above 50 indicates expansion.

The latest data showed a sharp rebound in new business, which climbed at the fastest pace since February. The upturn was mainly supported by stronger domestic demand, although foreign sales also picked up slightly.