The United Arab Emirates’ economic activity continued to gain traction in August 2024, according to the latest data released by S&P Global. The Composite Purchasing Managers’ Index (PMI) for the UAE edged up to 54.2 in August, compared to 53.7 in July 2024. This marks a notable improvement and underscores the ongoing resilience and expansion within the Emirati economy.The data, updated on 04 September 2024, indicates that the UAE’s private sector continues to grow, driven by increased output and new orders. A PMI reading above 50 typically signifies expansion in economic activity, while a reading below 50 indicates contraction. With the reading rising to 54.2, the UAE solidifies its position as one of the more robust economies in the region.This positive shift suggests that businesses are benefiting from a conducive operating environment, with consumer confidence likely playing a significant role. As the UAE pushes forward with its economic diversification plans, the upward trajectory of the PMI index will be closely watched by investors and policymakers alike, setting the tone for the final quarter of the year.The material has been provided by InstaForex Company – www.instaforex.com
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