Dubai – Mubasher: Dubai’s private sector saw improvement in business conditions at the beginning of the second quarter of 2017, according to a statement.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose from 56.6 to 57.7, signalling the fastest upturn in operating conditions in 26 months.
All three key sub-sectors saw a robust performances led by an accelerated upturn in construction (index at 57.9), followed by wholesale & retail (57.8) and travel & tourism (57.0).
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 latest Dubai Economy Tracker survey supports our view that investment in infrastructure ahead of Expo 2020 will be a key driver of Dubai's growth over the next 2-3 years,” according to Khatija Haque, Head of MENA Research at Emirates NBD.
The rate of growth was the second-sharpest in 26 months (behind January 2017).
New business continued to rise for the fourteenth consecutive month in April, which panellists linked to a generally supportive economic backdrop and, in some instances, promotional discounts, and more construction projects.
Average cost burdens increased at a modest pace across Dubai’s private sector in April, with the rate of inflation broadly in line with the trend recorded over the current 14-month sequence of rising prices.
