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Driven by construction, wholesale and retail and travel and tourism sectors, Dubai's non-oil private sector showed a healthy rebound in November, according to data released by Emirates NBD.
The November upswing reflected faster expansions in business activity and new work and a stable trend in employment, with construction sector registering the fastest growth, said the bank.
The bank's Dubai Economy Tracker Index posted at 55.3, up from October's 31-month low of 52.5 and the highest since June. The latest figure was broadly in line with the long-run trend level since January 2010. The current phase of expansion now extends to 33 months.
Khatija Haque, head of Mena Research at Emirates NBD, said the headline Dubai Economy Tracker Index climbed to 55.3 in November, up from 52.5 in October.
"This marked the strongest reading in five months, and something of a recovery following the October reading, which was a slump to the lowest level since March 2016. Nevertheless, the index remains shy of the 2017 average (56.0), and there remain weak points within the data," said Haque.
Climbing from 56.5 to 61.1, output saw a substantial improvement in November while new work also rose at a faster rate, at 59.9, up from 54.5 in October. "However, this is being supported by ongoing cuts to output prices by firms, which fell to 45.8 in November, the second-lowest reading in the eight-year series," said Haque. Employment made a modest return to expansionary territory at 50.2 last month, following two consecutive months of sub-50.0 readings, but only 2.9 per cent of respondents saw an increase in headcount.
Construction was the strongest-performing sector in November (57.5), followed by wholesale & retail (55.4) and travel & tourism (52.8). "Construction was the strongest-performing sector last month, with the headline index climbing from 55.5 to 57.5. Wholesale & retail also improved, from 53.7 to 55.4, while Travel & tourism returned to expansion in November at 52.8, following the contractionary 49.6 recorded in October. Across all three, business expectations remain high, despite the headline index declining modestly from 87.1 to 84.9," said the bank report.
In November, there was a further increase in incoming new work, extending the current phase of growth to 33 months, said the report. The rate of growth accelerated from October's two-and-a-half year low to the strongest in five months.
"Despite the faster gains in output and new business, growth expectations eased from October's record high in November. That said, confidence remained at an elevated level overall," said the report. - issacjohn@khaleejtimes.com
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