Emirates NBD says GCC PMIs show solid albeit slower growth in October
October PMI data show that the UAE’s non-oil private sector continued to enjoy robust growth in October, albeit at a slightly slower pace than September. The headline PMI reading eased to 56.3 from 56.6 in September, which was the series high. New orders (64.6) continued to show strong expansion, reflecting ‘good sales efforts, improving economic conditions and higher construction activity’ according to the survey. The data is particularly encouraging considering the Eid holidays in October. Export orders growth also accelerated in October with the sub-index reaching 58.9, the highest since the series began, reflecting improving external conditions.