Private sector continues to grow

Non-oil private sector activity continued to improve in the UAE in July and employment growth picked up during the month, according to a survey released on Wednesday by Markit Economics.

But the growth was the slowest in seven months.

The HSBC Purchasing Managers' Index fell to 53.3 in July from 55.2 in June. A PMI reading above 50 indicates expansion of the sector.

Output rose at the slowest pace for a year in July, reflecting a weaker new business growth. Large companies posted a more pronounced increase in activity than small- or medium-sized firms.

Employment growth picked up slightly to a three-month high, the survey report said.