UAE’s private sector recovers strongly in March: ENBD

UAE’s non-oil private sector regained momentum in March, supported by output expansion and rising new orders, Emirates NBD said in a new report on Sunday.

The headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) recovered to 55.7 in last month from the 28-month low of 53.4 in February.  

New orders increased at a marked pace, with growth in line with the series average. The rate of expansion in new export orders quickened at the end of the first quarter, recovering from February’s 11-month low amid reports of greater new orders from other GCC countries and the US.

Employment levels stabilized in March, having fallen solidly in the previous month.

“Signs of stronger market demand provided a boost to business confidence, with optimism hitting a new record high at the end of the first quarter,” the report added.