The growth of Dubai’s non-oil private sector slowed in September, according to data from the seasonally-adjusted Emirates NBD Dubai Economy Tracker Index.
The gauge still showed overall growth, however, with the index only dropping to 55.2 in September from 56.3 in August. A reading above 50 indicates expansion, while a reading below 50 indicates a decline.
“The September survey points to a continued solid expansion in Dubai’s economy, with retail and wholesale, trade and construction data particularly encouraging,” said Khatija Haque, head of Middle East and North Africa Research at Emirates NBD.
“Year to date, the Dubai Economy Tracker index has averaged 56.3, markedly higher than the average for the same period last year, which supports our view that Dubai’s GDP growth is likely to accelerate this year.”
The data produced a number of findings, including that job creation was recorded for the seventh month in a row, and that output in the non-oil private sector rose sharply in September – extending the current sequence of growth to 19 months. The fastest growth was found to be in construction.
Growth of new businesses was also indicated for the 19th month, and the data also found that input price eased in September while average prices charged by firms fell, reaching a five-month low.