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December 13, 2016 | 15:25 | Dubai
Private sector companies in Dubai reported another solid improvement in business conditions during November. Moreover, the latest survey highlighted a recovery in growth momentum from the six-month low recorded in October. At 55.2 in November, up from 53.2 in the previous month, the seasonally adjusted Emirates NBD Dubai Economy Tracker Index signalled the strongest improvement in business conditions since August. As a result, the index signalled that overall growth was broadly in line with the average since the survey began at the start of 2010 (55.1).
November data pointed to a mixed picture across the three key sectors monitored by the survey. Travel & tourism was the best performing area (57.5), followed by wholesale & retail (56.1), while construction companies reported only a modest upturn in overall business conditions (51.8).
The headline Emirates NBD Dubai Economy Tracker Index is derived from individual diffusion indices which measure changes in output, new orders, employment, suppliers’ delivery times and stocks of purchased goods.
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.