The United Arab Emirates' non-oil private sector grew for only the second month this year in July, helped by the easing of coronavirus restrictions, a survey showed on Wednesday.
FILE PHOTO: People are seen in front of Burj Khalifa, the world tallest building, in Dubai, United Arab Emirates March 12, 2020. REUTERS/Satish Kumar
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index , which covers manufacturing and services, rose to 50.8 in July from 50.4 in June. A number below 50 indicates a contraction. The UAE’s oil-producing Abu Dhabi and tourism and trade-reliant Dubai had instituted coronavirus lockdowns earlier this year, and were also impacted by falling oil prices.
Employment, however, declined for the seventh month in a row, and “this acted as a drag on overall business conditions,” said David Owen, economist at IHS Markit.
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