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Non-oil business in UAE accelerates
The seasonally-adjusted HSBC UAE Purchasing Managers’ Index, which covers manufacturing and services, edged up to 56.8 points last month from 56.3 in March, which was a 17-month low.
Dubai — Business activity growth in the UAE’s non-oil private sector picked up slightly in April, a corporate survey showed on Tuesday.
The seasonally-adjusted HSBC UAE Purchasing Managers’ Index, which covers manufacturing and services, edged up to 56.8 points last month from 56.3 in March, which was a 17-month low. The 50-point level separates growth from contraction in the survey of 400 firms.
“The UAE’s non-oil private economy began the second quarter of 2015 on a positive note, with business conditions improving at a faster pace in April,” said Philip Leake, economist at data compiler Markit.
Output, new orders and employment all rose more quickly during the month, with the output index climbing to 62.0 points from 60.7, and new orders edging up to 62.1 from 61.6.
Companies, however, were unable to raise the prices they charge while their input costs increased. The output price index was flat at 49.2 in April, while the input price index jumped above the 50 mark to 52.3 points from 49.3.
Saudi Arabia, Egypt
Growth in Saudi Arabia’s non-oil private sector slowed to a three-month low in April.
The seasonally-adjusted SABB HSBC Saudi Arabia Purchasing Managers’ Index dropped to 58.3 points from 60.1 in March.
Output growth slowed sharply to 64.2 points from 67.6, though it remained fast in absolute terms, while new order growth fell less steeply to 65.9 from 67.3. Employment continued to increase but at a slower pace.
Business activity in Egypt’s private sector, excluding oil, came close to stabilising in April after a three-month contraction, as new orders rose, a survey showed on Tuesday.
The HSBC Egypt Purchasing Managers Index edged up to 49.8 in April, almost touching the 50 mark, above which signals growth in activity. The index rose from 49.6 in March.
Employment fell for the fifth straight month, with some companies saying staff had left to seek better opportunities or to take up their pensions.
New orders, however, increased for the second consecutive month and survey respondents said that reflected a more stable environment.
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