Dubai’s non-oil private sector recorded its slowest growth in the first nine months of 2018 since March 2016, on the back of a contraction in employment as well as slower improvements in activity and new work.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index fell to 52.5 in October, down from 54.4 in September.
The survey covers the Dubai non-oil private sector economy, with additional sector data published for travel and tourism, wholesale and retail, and construction.
At the sector level, travel and tourism was the weakest performing category at 49.6 in October, followed by wholesale and retail at 53.7 and construction at 55.5.
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.
“Both output and new orders across Dubai’s private sector increased in October, but at markedly slower rates. Output growth was the weakest year-to-date, while new order growth was the slowest since April 2016,” said Khatija Haque, head of MENA Research at Emirates NBD.
“Despite the soft survey data, firms in Dubai were the most optimistic than they have been since at least 2012, with nearly 77 percent of respondents expecting their output to be higher in a year’s time,” she further added.
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