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January 10, 2017 | 13:45 | Dubai
December data highlighted a robust improvement in business conditions across Dubai’s private sector economy, underpinned by faster rates of output and new order growth. The seasonally adjusted Emirates NBD Dubai Economy Tracker Index registered 55.9, up from 55.2 in November and the highest reading since July. The index has now posted above the 50.0 no-change mark for ten months running and the latest upturn was broad-based across the three key sectors monitored by the survey.
Travel & tourism remained the best performing sub-category in December (headline index at 56.9), followed by wholesale & retail (56.4). Nonetheless, construction firms recorded a positive shift in growth momentum at the end of 2016, with the headline index up sharply to 54.3, from 51.8 in November.
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.
The survey covers the Dubai non-oil private sector economy, with additional sector data published for travel & tourism, wholesale & retail and construction.
Commenting on the Emirates NBD Dubai Economy Tracker, Khatija Haque, Head of MENA Research at Emirates NBD, said:
“The rebound in construction sector activity in December is particularly encouraging after relatively sluggish performance for most of H2 2016. We expect construction will be a key driver of growth in Dubai in 2017 as preparations for Expo 2020 move up a gear.”