Dubai: Dubai’s wholesale and retail sector emerged as the top performing in the monthly Emirates NBD Economy Tracker Index, while the earlier frontrunner – the construction industry – suffered a bit of a slowdown in February.
In fact, it was the first time in six months that the retail space was showing some signs of an upturn, closely linking itself to gains recorded in travel and tourism output.
But, overall, Dubai’s non-oil private sector continues to show “robust expansion”, with the most heartening detail being the increase in new work orders.
“Strong growth in output and new orders, which points to solid GDP growth in Q1-17, is not being reflected in higher employment however, and competition continues to weigh on selling prices,” said Khatija Haque, Head of MENA Research at Emirates NBD.
At 56.2 in February, the Emirates NBD Dubai Economy Tracker Index registered above the crucial 50.0 threshold for the 12th month in succession. The latest reading, however, was down from January’s 23-month high of 57.1, but above the series average of 55.1. (A reading of below 50 indicates that the non-oil private sector economy is generally declining.)
But Dubai’s private sector employment was broadly unchanged in February.
