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  • 12-08-18

    UAE's non-oil sector sees slowest growth rate in July

    (MENAFN) The UAE was found by Emirates NBD in its new PMI survey to have recorded the slowest growth rate in its non-oil private sector in July.

    Emirates NBD also noted that the UAE and Saudi Arabia have witnessed softer growth in output and new work compared to a month earlier.

    "Notably, new export orders increased at the sharpest rate in three years, as firms reported stronger demand from other GCC countries and Europe," as stated Emirates NBD's head of Mena Research Khatija Haque.

    Haque explained "employment was broadly unchanged in July, with the index barely above the neutral level at 50.2. Year-to-date, the employment index averaged 50.8, compared with 51.2 in the same period last year, and indicating even weaker job growth in the UAE's non-oil private sector this year relative to 2017."

    She added "backlogs of work increased sharply again as a result of the strong rise in new orders (and flat employment), although the rate of increase in backlogs was softer than in June."

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