The HSBC UAE Purchasing Managers’ Index rose to the highest level in four months in October as new business and employment growth accelerated and companies raised output in the United Arab Emirates.
The index, compiled by HSBC Holdings Plc (HSBA) and Markit Economics, rose to 53.4 in October from 52.3 in September, according to an e-mailed report. The rise was boosted by a pickup in demand as well as depletion of backlogs for the fourth straight month, according to the report.
The U.A.E.’s economy will grow by 3.3 percent this year and 3.8% in 2012, the International Monetary Fund said last month.
HSBC and Markit publish purchasing indexes for the U.A.E. and Saudi Arabia. The indexes, which are seasonally adjusted, are based on data compiled from monthly replies to questionnaires sent to executives in 400 companies in each country.
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