The Emirates NBD Dubai Economy Tracker has said that March data signalled a sharp improvement in business conditions across Dubai’s private sector economy, with output, new orders, employment and stocks of purchases all expanding at a faster pace than in the preceding month.
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This was highlighted by a rise in the NBD Dubai Economy Tracker Index, a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy, to 56.6 in March, up from 56.2 in February. The latest reading was indicative of the second-sharpest upturn in business conditions for over two years. As a result, the average for the first quarter (56.7) was the sharpest since Q1 2015.
The best performing sub-sector monitored by the survey was wholesale and retail (index at 57.1), followed by travel and tourism (55.3) and construction (54.8).
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A reading of below 50.0 indicates that the non-oil private sector economy is generally declining, and 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 and tourism, wholesale and retail and construction.
Commenting on the announcement, Tim Fox, Head of Research and Chief Economist at Emirates NBD, said, "The March data is consistent with sharp improvements in business conditions across Dubai’s non-oil private sector economy, with output, new orders and employment all expanding at a faster pace than the previous month."
