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Dubai | May 9, 2016 | 13:30
Dubai private sector companies indicated a sustained recovery in growth momentum from the survey-record low experienced in February. At 52.7 in April, up slightly from 52.5 in March, the seasonally adjusted Emirates NBD Dubai Economy Tracker Index highlighted the fastest improvement in overall business conditions since November 2015.
The headline index has now posted above the crucial 50.0 no-change value for two months in a row, but the latest reading was still weaker than the long-run survey average (55.1). All three key sub-sectors monitored by the survey recorded an improvement in business conditions during April, led by wholesale & retail. A robust and accelerated expansion of business activity underpinned the latest upturn in operating conditions across the Dubai private sector. Moreover, the overall pace of output growth in April was the steepest since September 2015. A number of firms commented on stronger underlying client demand, alongside successful marketing and promotional strategies. Despite a rebound in business activity, latest data signalled that job creation was relatively subdued across the private sector. The main exception was a solid rebound in employment growth among construction companies to its fastest for five months.