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UAE Private Sector Growth Rises Further

UAE's private sector growth rose further in November amid sharper increases in output and new orders and the fastest decline in selling price in over nine years, survey data from IHS Markit showed on Thursday.

The Emirates NBD UAE purchasing managers' index, or PMI, rose to 55.8 in November from 55.0 in October. A reading above 50.0 shows an expansion in the sector.

Both output and new work rose at faster rates in November. Higher demand from other GCC partly contributed to new export orders rising at a fastest pace since July.

Output growth was linked to higher new orders as well as marketing and promotional activity.

The rising output requirements increased the purchasing activity and employment in the non-oil sector.

Output prices were reduced at fastest pace since October 2009 due to competitive pressures. Input prices rose the most since the introduction of VAT in January.

Business confidence remained at a high level, despite easing slightly from October's record high.

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