UAE PMI Index rises as economy recovers

04 November 2010

The UAE’s Purchasing Managers’ Index, an index compiled by HSBC Holdings Plc and Markit Economics, rose to the highest level in its 15-month history, as the economy recovers from last year’s slowdown, Bloomberg has reported. The index rose to 53.8 in October from 52.6 in September. A figure above 50 suggests that companies expect output to increase. “The UAE has shifted into recovery mode,” Simon Williams, chief economist for the Middle East and North Africa at HSBC said.

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