Dubai non-oil economic growth index slips slightly
A key measure of Dubai’s private non-oil economic health dipped slightly in July amid lacklustre employment growth but suggested nonetheless that there was still growth momentum in the emirate.
The Emirates NBD Dubai Economy fell marginally to 56.3 in July from 56.5 in June. A reading below 50 suggests that the non-oil economy is generally declining while a reading above 50 indicates that it is expanding.
“While the headline index continues to reflect strong growth in the non-oil economy in July, firms’ margins continue to be squeezed as they lower selling prices, particularly in the trade and hospitality sectors,” said Khatija Haque, the head of Mena research at Emirates NBD. “Employment growth remains soft overall.”