Economic growth remains above long-term average as companies look forward to Expo2020
Dubai PMI slips in November as job creation slows
Dubai’s non-oil private sector economy eased slightly in November as job creation decreased to a three-month low, according to the latest Purchasing Managers' Index (PMI) data. Growth however remained above the survey’s long-term average, boosted by an improvement in the fortunes of wholesale and retail companies.
The Emirates NBD Dubai PMI fell to 55.3 last month from 55.6 in October, extending the current series of growth to 21 months. A reading above 50 suggests that the non-oil economy is growing, while a reading below 50 suggests a contraction. The survey is sponsored by Emirates NBD, Dubai’s biggest bank by assets, and produced by IHS Markit, a financial information services company.
“The November survey continues to show solid growth in Dubai’s economy last month, at a similar pace to the previous two months,” said Khatija Haque, head of Mena research at Emirates NBD.
Job creation remained positive for a ninth consecutive month, despite slipping to its lowest level for the past three months. Demand for Dubai-produced goods and services meanwhile rose strongly in November, according to the findings of the survey.
Purchasing managers polled by the survey expressed confidence about future growth prospects amid expected growth in Dubai's economy ahead of Expo2020. Travel and tourism companies are the most bullish about the emirate's economic outlook.