Emirates NBD Dubai Economy Tracker™ : Business conditions continue to improve at a robust pace in July
Robust growth momentum of the non-oil private sector in Dubai was maintained in July, with the seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – at 56.3 in July, broadly similar to 56.5 in June. The latest index reading was one that was above the long-run trend (55.2).
By sector, the wholesale & retail industry (index at 57.9) was once again the best performing category, followed by travel & tourism (56.3) and the construction sector (54.8).
Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, Head of MENA Research at Emirates NBD, said:
“While the headline index continues to reflect strong growth in the non-oil economy in July, firms’ margins continue to be squeezed as they lower selling prices, particularly in the trade and hospitality sectors. Employment growth remains soft overall.”
A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change.
The survey covers the Dubai non-oil private sector economy, with additional sector data published for travel & tourism, wholesale & retail and construction.