ECONOMICS COMMENTARY
May 12, 2015
Strong increase in Dubai private sector output
A new survey from Emirates NBD highlights that April was a positive month overall for the Dubai private sector economy, with output and new business volumes continuing to expand at robust rates. However, there were signs that growth momentum has slowed from its peak seen at the start of 2015.
The survey, sponsored by Emirates NBD and produced by Markit, contains original data collected from a new monthly survey of business conditions in the Dubai non-oil private sector.
Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, Head of MENA Research at Emirates NBD, said:
"The Dubai Economy Tracker provides additional evidence that suggests a slowing in the Dubai economy since the start of this year, in line with the overall UAE Purchasing Managers' Index. However, the slowdown is from a very high base with key readings still clearly in expansion territory, well above the neutral 50.0 reading.
"In particular activity in the construction and retail & wholesale trade sectors was very strong in April, with output readings of 59.6 and 58.4 respectively. The travel & tourism sector showed slower growth, however, with its output index at just 52.3. This is unsurprising as the sector feels the impact of a stronger USD on demand from key emerging markets. Nevertheless, optimism about future activity remains high."
Emirates NBD Dubai Economy Tracker"
Tim Moore | Economics Associate Director, IHS Markit
Tel: +44 149-146-1067
tim.moore@ihsmarkit.com
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