Dubai’s non-oil sector sees quickest business growth in August in nearly two years | Analysis – Gulf News
The pace of growth in non-oil activity across Dubai accelerated again in August, reaching its highest level for almost two years, according to the Purchasing Managers’ Index (PMI) by IHS Markit.
The report showed Dubai’s economy continued its run of solid improvements in business conditions over the third quarter of the year. As a result, firms increased their employment levels at the fastest rate since November 2019.
“The Dubai non-oil economy enjoyed another strong overall improvement in August, driven by a marked rise in output levels that was the fastest seen since September 2019. This suggests that the economy is solidifying its recovery from the pandemic, especially as a relaxation of travel measures drove tourism numbersf higher and boosted consumer demand,” said David Owen, Economist at IHS Markit.
The headline PMI ticked up from 53.2 in July to 53.3 in August, signaling another solid upturn in operating conditions in the non-oil sector. Moreover, the index has registered higher only once in the last 21 months, in April 2021.
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