UAE - Mubasher: The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) rose to 53.2 in July from 51 in June, reflecting a solid improvement in the emirate's non-oil private sector business conditions.
The recovery was the second-quickest since November 2019, and only slightly weaker than April, because of the solid expansion in Dubai's non-oil private sector economy, according to a press release on Monday.
Dubai recorded an increase in consumer spending which led to the fastest rise in output since July 2020; hence, companies raised their workforces at the quickest rate in over a year and a half.
A renewed decrease in output charges was also registered, despite rising input prices due to global raw material shortages.
Meanwhile, the travel and tourism firms saw the most remarkable improvement in output growth since June, with wholesale and retail and construction also recording faster expansions.
However, business expectations remained subdued in July.
The Economist at IHS Markit, David Owen, said: "Businesses will be hoping to build on the economic recovery throughout the rest of the year. At 53.2 in July, the headline PMI was at its second-highest in 20 months, to offer further reassurance that the economy is heading in the right direction."
