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Dubai: While overall growth rate was subdued against the 2014 and 2015 numbers, the UAE's non-oil private sector still did enough by way of higher output and generating new orders during June.
Most importantly, there were gains on the employment side, as did purchasing activity, though "only modestly", according to the survey sponsored by Emirates NBD and produced by Markit. (It is based on data collected from a monthly survey of business conditions in the UAE non-oil private sector) On the negative side, "Cost pressures intensified to the most marked since September last year... but output prices continued to fall regardless," the survey added.
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“The softening in new business and output growth in June may partly be due to the earlier start to Ramadan this year," said Khatija Haque, Head of MENA Research at Emirates NBD. "Nevertheless, the output index remains relatively high and we continue to expect solid non-oil growth in the UAE this year.”
The headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) slipped to 53.4 in June, from 54.0 in May. The latest figure is much lower than the average over the past three years (56.3). The reading was nevertheless in line with the second quarter trend (53.4).