The UAE’s non-oil sector reached its highest level in over four years in December, as indicated by the seasonally adjusted S&P Global Purchasing Managers’ Index (PMI). The impressive growth, driven by substantial increases in output and new orders, positions the sector for continued expansion in 2024.
Robust growth
The PMI for December climbed to 57.4, up from 57 in November, marking its highest reading since mid-2019. This growth signals a robust improvement in the health of the UAE’s non-oil sector. Increases in both output and new orders contributed significantly to that growth. Moreover, data suggests that economic trends in the UAE’s non-oil sector remained exceptionally strong at the close of 2023.
Additionally, projections for future growth are among the strongest recorded since early 2020, indicating a positive sentiment among businesses, with year-ahead expectations ranking among the highest seen since before the COVID-19 pandemic.
