Middle East > United Arab Emirates > United Arab Emirates PMI in December drops to lowest level in over three years

United Arab Emirates: United Arab Emirates PMI in December drops to lowest level in over three years

2016/01/17

The Emirates NDB Purchasing Managers’ Index (PMI) moderated in December, dropping from November’s 54.5 to 53.3. December’s figure marked the lowest level in over three years. Despite the decrease, the PMI remains above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.

In December, the deceleration was due to slow growth of new work, which expanded at the weakest rate since August 2011. Growth in output, employment and input buying also disappointed. Analysts added that, “for 2015 as a whole, the average PMI was lower than for 2014, signalling slower – but positive – growth in the non-oil private sector. However, softer non-oil growth in the UAE last year is likely to have been partially offset by robust oil sector expansion.”
FocusEconomics Consensus Forecast participants expect GDP to expand 3.3% in 2016, which is down 0.1 percentage points over last month’s projection. For 2017, the panel sees the economy increasing 3.2%.

unicef HK
Related Articles

  • UNWTO: International tourism – strongest half-year results since 2010

    2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.

  • Global appeal for Dubai's first FinTech accelerator

    2017/09/08 FinTech Hive at DIFC, the region’s initial FinTech accelerator launched by Dubai International Financial Centre before this year, has received over 100 applications from additional than 32 nations for its inaugural programme. The majority of applications have come from the UAE, the UK, the US, India, Nigeria and Singapore, and cover a range of concepts inclunding large data and analytics, the blockchain, payments, P2P and crowdfunding, roboadvisors, and mobility, a statement said. FinTech Hive at DIFC receives over 100 applications from more than 32 countries for inaugural programme

  • Damac awards $953m worth of contracts so far in 2017

    2017/09/08 Luxury real estate developer Damac Properties has revealed it awarded over 370 contracts worth $953 million (AED3.5b) since January 2017 for construction, supplier and consultancy services across 20 of its projects. Additional than 50 % of contracts awarded, $490m, has gone towards the firm’s major master golf community, Akoya Oxygen, with major construction ongoing across the 55-million square foot development.

  • Emirates Academy of Hospitality ranked among world’s top 10

    2017/09/08 The Emirates Academy of Hospitality Management (EAHM) has been named part the top ten best hospitality schools in the world by world education research firm Education.com. EAHM is a part of UAE-based luxury hotel giant Jumeirah Group, a member of Dubai Holding. The business management institution was ranked alongside nine elite hotel schools incl

  • UAE to standardise national school system

    2017/09/08 The 'homogenous framework' will generate graduates that meet international standards and national expectations, said Sheikh Mohammed, UAE Prime Minister. The UAE launched sweeping reforms to standardise the national education sector, Monday. The Ministry of Education and the Abu Dhabi Education Council, ADEC launched plans to consolidate all systems of education, inclunding curricula, school operations, policies and courses across the UAE’s public and private schools.
United Arab Emirates News
More >
UCLGA en
Trending Articles
Eaton
Deutsche Bank AG, Frankfurt am Main
Codelco