oil private sector of the United Arab Emirates grew at its slowest pace in 15 months in August, the Khaleej Times said on Thursday, quoting a survey by the HSBC Bank and Markit Economics. The purchasing managers index (PMI) for the non-oil private sector dropped to 50.9 in August from 53.3 in July, it said, adding that a PMI reading above 50 indicates expansion in the sector, while one below suggest decline. The latest reading was the lowest in 15 months, the Khaleej Times said. “Underlying the weaker headline figure were slower rises in both new business and employment, a stagnation of output and a fall in input stocks,” it quoted HSBC Bank as saying. “New business growth continued to slow during the latest survey period, reaching a one-year low. The rate of increase in new work has cooled sharply over the past two months from the series record rates recorded in the second quarter,” it said. “However, data suggested that the latest moderation was largely centered on the domestic market as new export orders rose at a sharper pace. Where higher takings were reported, firms responded on good demand, competitive pricing and promotional activities.”
