UAE business activity picks up “solidly” in June


July 6, 2020 | By RetailME Bureau

Business activity in the UAE picked up “solidly” in June 2020, indicates the latest data from Purchasing Managers’ Index (PMI) – a composite indicator designed to offer an accurate overview of operating conditions in the non-oil private sector economy.

The headline seasonally adjusted IHS Markit UAE PMI rose to 50.4 in June, indicating the first improvement in operating conditions for six months. This is the strongest uptick since October 2019, but still much weaker than the series average, and slight overall.

Relaxation of COVID-19 related restrictions could have led to the UAE non-oil private sector’s return to growth in June. New business picked up at a solid pace, driving the first increase in output since last December.

“At 50.4 in June, the UAE PMI signalled the first stage of recovery in the non-oil private sector. More firms are now seeing an increase in activity as opposed to a decline, while new orders grew at the fastest rate in 10 months. Businesses also saw an improvement in export conditions, as foreign new orders rose for the first time since January, albeit tentatively,” observed David Owen, economist at IHS Markit.

“Despite this positivity, looking at the data over the past few months shows just how large a rebound in output is required to return the UAE economy to pre-COVID levels. Renewed growth in June marked only a slight reprieve from the downturn that reached its peak in April,” he added.

Read the report

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Abu Dhabi headquartered LuLu Group has opened its latest hypermarket at Khalifa 

Continue Reading

October 29, 2020 | By RetailME Bureau

elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau

Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its 

Continue Reading

October 7, 2020 | By RetailME Bureau
Miguel Angel Povedano, chief commercial officer of Majid Al Futtaim – Retail

Majid Al Futtaim announces the launch of a customer insight platform, powered 

Continue Reading

October 7, 2020 | By RetailME Bureau
New Choithrams store opens at Emerald Court, Al Barsha

A new Choithrams store opens at Emerald Court, Al Barsha in Dubai 

Continue Reading

October 5, 2020 | By RetailME Bureau
Asda has new owners

Asda has new owners, as The Issa brothers and TDR Capital are 

Continue Reading

October 5, 2020 | By RetailME Bureau
Spinneys sees “dramatic changes” in shopping patterns

UAE-based supermarket chain Spinneys sees “dramatic changes” in shopping patterns since the 

Continue Reading

October 4, 2020 | By Rupkatha B




Download Images RetailME Magazine