Dubai – Decypha: Dubai’s non-oil private sector has registered a boom in business activity in March, marking the strongest growth in two years.
Expansions of output, new business orders, creating jobs and stock levels have pushed Emirates NBD Dubai Economy Tracker Index to 56.6 in March, up from 56.2 in February, according to Emirates NBD’s index published on 10 April.
The wholesale and retail sector was reported to have the best performance in March, standing at 57.1, followed by travel and tourism sector, which stood at 55.3, and the construction sector that marked 54.8.
Showing an improvement after three-month low level in February, the output growth in March was driven by better demand conditions and an increase in the ongoing projects.
Despite the growing output, “the degree of optimism eased to its weakest in seven months,” but the private sector’s confidence in the business growth over the coming 12 months remained strong.
The new business activity has kept increasing for the thirteenth month in row, attributed to improved economic conditions, construction projects and “successful promotional activities,” Emirates NBD economic tracker read.
“There were divergent trends recorded across the key sub-sectors; travel & tourism companies raised their average selling prices, while construction and wholesale & retail firms reduced output charges,” the index statement read, adding that discounts were made to lure customers.
By Decypha Editorial Team
