Dubai’s non-oil private sector growth accelerates in AprilChristian Fernsby ▼ | May 10, 2019
Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April.
Middle East This mainly reflected the trend in new business
Notably, business conditions in the wholesale & retail sector improved at a series record pace, partly influenced by sharp price discounting and promotional activity.
Across the non-oil private sector as a whole, prices charged fell for the twelfth month running.
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 – edged up from March’s 57.6 to 57.9 in April, the highest since February 2015.
The Index has registered above its long-run trend level of 55.2 throughout the first four months of 2019.
April data for three key sectors revealed a record improvement in business conditions at wholesalers and retailers.
The headline index for the sector rose to 60.1, the highest since it was first compiled in March 2015.
The figure for travel & tourism was the second-highest on record (58.8, below March’s peak of 59.8) while the construction figure improved to 53.4.
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. ■