Urgent.. A good statement regarding the private sector in the UAE
According to the most recent data from the PMI research, the UAE's non-oil economy had a higher increase in demand levels in October 2023, which resulted in the biggest improvement in private sector business conditions since mid-2019.
The notable increase in activity, as well as higher levels of employment and spending, were bolstered by the significant increase in new purchase orders. Additionally, there was a persistently high degree of optimism surrounding prospects for the upcoming year.
A significant improvement in industry conditions was indicated by the UAE's seasonally adjusted Purchasing Managers' Index (PMI), which is connected to Standard & Poor's Global. It increased from 56.7 points in September to 57.7 points in October, the highest level since June 2019.
The largest sub-component of the headline PMI, the New Orders Index, contributed to its movement. Its reading in October was the highest since June 2019.
Businesses in the survey reported improved demand circumstances, increased client attraction, and a notable increase in the volume of new business. Strong growth was observed both domestically and internationally, with new overseas orders growing at the quickest rate in over four years.
October saw a sharp uptick in activity in the non-oil sector due to the influx of new business.
The rate of expansion increased marginally to its highest points since June, helped by the persistence of high employment and the reduction of backlogs.
At the start of the fourth quarter, there was a discernible improvement in inventory growth as businesses raised their procurement of production requirements in response to rising consumer demand. They also made attempts to expand inventory in light of robust sales forecasts. In October, enterprises were able to reduce backlogs once more thanks to improved production capacity levels brought about by inventory and hiring increases.