UAE non-oil sector records fastest growth since 2024 despite Iran war
Business activity in the UAE's non-oil private sector in August improved at the fastest pace since December 2024 in a clear sign of recovery as companies shake off the impact of the Iran war . The seasonally adjusted S&P Global UAE Purchasing Managers' Index climbed to 55.3 from the 52.7 recorded in July. A reading above 50 indicates growth in economic activity, while one below indicates a…
In August, the non-oil private sector in the UAE demonstrated the fastest growth since December 2024, signaling a strong recovery from the impacts of the Iran war. The seasonally adjusted S&P Global UAE Purchasing Managers' Index surged to 55.3 from 52.7 in July, indicating robust economic activity, as a reading above 50 signifies expansion.
This growth was primarily driven by a significant increase in new business, the joint-strongest level in over two years, coupled with an acceleration in output growth, inventory expansion, easing supply constraints, and reduced price pressures. S&P Global Market Intelligence's principal economist, David Owen, noted that the UAE's non-oil economy has "shifted decisively into a higher gear," with firms adapting more effectively to the current market environment.
The surge in August was attributed to heightened sales momentum and expanded stock build-outs, accompanied by improved customer activity and a gradual easing of economic caution stemming from the Middle East conflict. Additionally, export demand witnessed a rise, marking consecutive expansions following a downturn throughout the second quarter.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- UAE non-oil growth hits fastest pace since 2024, but hiring slips gulfnews.com
- UAE non-oil sector records fastest growth since 2024 despite Iran war thenationalnews.com
