The UAE’s purchasing managers index (PMI) remained strong in October 2013 despite easing down to 56.3 from a 29-month high of 56.6 in September on lower output growth, a survey compiled by Markit Economics for HSBC, showed on November 5.
October data signalled a slowing of output growth in the UAE’s non-oil producing private sector, whereas new order intakes rose sharply. New export orders increased at the quickest pace in the survey history while companies lowered their charges despite rising input costs, Markit said.
Despite rising output due to higher new business, the pace of expansion eased to the slowest in three months, but remained sharp overall. The UAE’s non-oil producing private sector companies saw a significant growth in order intakes during October, with the rate of growth in new work the second-highest recorded in the survey history, according to Markit. The trend was reportedly due to improving economic conditions and higher construction activity.
Meanwhile, new export orders rose at the quickest pace since data collection began in August 2009. Competitive pricing and good market conditions helped boost growth.
Inflationary pressures remained strong in October, but the rate of overall input price inflation cooled from September. Purchasing prices rose mildly and average staff costs increased at a weaker rate driven by increased market demand, general inflationary pressures and increased raw material costs. Despite higher input costs, the UAE’s non-oil producing private sector firms reduced their selling prices for the first time in five months. The price discounting was attributed to competitive market conditions, Markit said.
Employment levels also rose in October as companies faced higher workloads. The rate of job creation eased slightly on a monthly basis but remained above the long-run series average.
Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more
Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more
An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more