The construction sector saw the fastest growth, according to Emirates NBD statistics
There was strong improvement in Dubai’s non-oil private sector in November, reflecting faster expansions in business activity, new work and a stable trend in new employment, according to data from Emirates NBD’s Dubai Economy Tracker Index.
The statistics show that all three of Dubai’s main non-oil sectors – travel and tourism, wholesale and retail and construction – saw improvements in November compared to the previous month, with construction seeing the fastest growth.
According to Emirates NBD, output in the non-oil private sector rose at the sharpest rate since August, with companies reporting good market conditions and successful promotional activity.
The rate of expansion was also found to be greater than the overall trend for this year, and above the historic series average since January 2010.
In terms of employment, November data showed it remained stable after a two-month period of mild job losses. Construction firms in particular reported an increase in personnel numbers.
The data also showed an increase in incoming new work during November, extending the sequence of growth to 33 months in a row.
The rate of growth was the strongest in five months, following a two-and-a-half year low. The strongest increase were reported in construction and the wholesale and retail sectors.
Business growth expectations, however, eased from a record high in October, although it remained at an elevated level.
Additionally, average cost burdens rose for the eight month running, while the rate of inflation accelerated to a seven-month high.
Lastly, output charges fell at the strongest decline since February 2016, with some firms reporting that lower selling prices were linked to promotional activity.
Source: Emirates NBD and Arabian Business
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