UAE non-oil growth soars amid moderate inflation rate

DUBAI, Nov. 5 (Xinhua) -- The HSBC purchasing managers index ( PMI) for the United Arab Emirates (UAE) published Monday signaled for the month of October the fastest non-oil output growth rate in four months while price inflation remained marginal.

The HSBC UAE PMI, which measures the performance of the Gulf state's non-oil private sector, stood at 53.8, unchanged from September. Furthermore, the PMI was above the series average of 52. 7, which indicated a solid improvement overall, said the bank's monthly report.

"It's another solid reading that shows the UAE economy continuing to perform well, despite the poor global environment," said Simon Williams, chief economist at HSBC Middle East.

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