UAE - Mubasher: The adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) has jumped to its highest level since June 2019 to record 55.3 points in December 2021, compared to 54.5 in November.
This reading reflects a stronger improvement in business conditions across Dubai's non-oil private sector economy, attributed to a rapid increase in new orders and strong demand amid Expo 2020, according to a press release on Tuesday.
On the other hand, companies witnessed higher input prices which impact their ability to buy more inputs, and uncertainty about the coronavirus (COVID-19) pandemic has affected future forecasts.
The Economist at IHS Markit, David Owen, commented: "Inflationary pressures were much sharper, however, as higher energy and raw material costs drove the fastest rise in overall input prices for nine months. Firms continued to reduce their charges, albeit at a much softer rate than in November."
Owen added: "Fears of the Omicron variant and potential disruption to travel meant that firms were less upbeat about future prospects in December. In fact, just 12% were confident of growth over the coming year."
