Growth in the United Arab Emirates' non-oil sector picked up in April at its fastest pace since December 2017 as new orders and business activity expanded, a survey showed on Sunday. The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index (PMI), which covers manufacturing and services and provides an overview of the non-oil private sector economy, rose to 57.6 in April from 55.7 a month earlier. A reading above 50 indicates expansion and below that, contraction.
The output sub-index rose to 65.3 in April from 63.0 in March, while the new orders sub-index rose to 64.6 in April from 59.0 in the previous month. The UAE economy grew by around 1.7 percent in 2018, slower than projected despite a boost from higher oil prices, official preliminary data showed last month. The economy is projected to grow at a 3.5 percent rate in 2019, helped by strong non-oil activity, the central bank said in its quarterly report.
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