UAE - Mubasher: The adjusted IHS Markit UAE Purchasing Managers' Index (PMI) jumped to 55.7 in October from 53.3 in September, marking the fastest rise in the non-oil private sector's activities and new orders since June 2019.
The UAE non-oil companies have witnessed a remarkable increase in new business during October, attributed to rising spending and tourism amid the opening of the Expo 2020, according to a press release on Wednesday.
Meanwhile, the country recorded the strongest output levels for more than two years, and the business confidence has improved to highest since start of the coronavirus (COVID-19) pandemic.
In addition, the output prices, charged by non-oil companies, continue to fall as cost inflationary pressures remain mild.
The Economist at IHS Markit, David Owen, said: "The Expo 2020 finally began in the UAE at the start of October and brought a highly welcome upsurge in growth across the non-oil private sector. The increases in both output and new business were sharp and the most marked since July 2019."
Meanwhile, Owen added: "The key test for the UAE economy will be whether this initial uplift in demand from the Expo can be sustained over the coming months."
