Staff Report

Dubai – Dubai witnessed robust growth momentum in the non-oil private sector in July, according to Emirates NBD Dubai Economy Tracker Index.
The wholesale and retail industry was once again the best performing category, followed by travel and tourism and the construction sector with the index at 57.9, 56.3 and 54.8, respectively.
The broader Economy Tracker Index stood at 56.3 in July, broadly similar to 56.5 in June.
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.
Khatija Haque, head of MENA Research at Emirates NBD, said: “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. Employment growth remains soft overall.”
The index revealed that there was a sharp expansion of output and new orders, increase in business activity and a marginal rise in employment.
The positive overall trend for business conditions was supported by a sharp increase in output, despite growth easing to a slightly slower pace. The rise in business activity was attributed to favourable economic conditions and more projects. – abdulbasit@theuaenews.com