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  • 06-04-23

    Non-Oil Business Activities Drive Fastest Job Growth in the UAE in Seven Years, Reveals Report

    (MENAFN) According to the latest S&P Global Purchasing Managers' Index report, the UAE's non-oil private sector has experienced its fastest job growth in seven years, thanks to growth in non-oil business activities. The report noted that the PMI rose to 55.9 in March from 54.3 in February, with PMI readings above the 50-mark indicating non-oil private sector growth. The sector expanded at its strongest pace in five months, driven by accelerated new order growth, leading to a boost in labor capacity.

    David Owen, senior economist at S&P Global Market Intelligence, stated that the PMI reading of 55.9 in March reflected concerted efforts by non-oil companies to boost their capacity levels in the face of strengthening demand conditions. The employment index rose to the highest level since July 2016, indicating a solid boost to the workforce due to improving demand conditions. The sub-indices for employment and stocks of purchases rose to 80 and 60-month highs, respectively, signaling notable uplifts in staffing numbers and inventories.

    The report further noted that the rate of new order growth picked up to a five-month high in March, driven by stronger market demand and rising tourist activities. Owen added that the underlying expansion was due to a robust increase in new order intakes, with the rate of growth accelerating to a five-month high. Similarly, output levels expanded at the quickest rate for five months, while the outlook for future activity was up to the highest since October 2021.

    Non-oil private sector firms in the UAE are generally hopeful that continued market growth will provide increased opportunities over the next 12 months, according to the PMI report. The UAE Central Bank earlier stated that the country's economy is expected to expand 3.9 percent this year and 4.3 percent in 2024, while its non-oil gross domestic product is expected to accelerate by 4.2 percent in 2023 and 4.6 percent in 2024. The report suggests that the UAE's focus on non-oil private sector growth is paying off, leading to job growth and boosting the overall economy.

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