Dubai – Mubasher: The non-oil economy of the emirate of Dubai has shown a mild growth in August, while the inflows of new business reported the most sluggish increase since April.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index, an indicator of operating conditions in the non-oil private sector economy, grew to 55.2 points in August from 54.9 a month earlier, according to a report conducted by IHS Markit and sponsored by Emirates NBD.
“The employment index eased to 50.4 in August, only slightly above the ‘no change’ level. The vast majority of firms surveyed (94%) reported no change in staffing levels in August,” head of MENA Research at Emirates NBD Khatija Haque said.
Moreover, the sentiment is up in Dubai's market, which is stemmed from – according to anecdotal evidence – the approaching of Expo 2020 Dubai, a major event that is expected to boost the growth of the UAE economy, the report found.
“Producer price pressures eased in August, with the input cost index falling to just 51 from nearly 54 in July. However, average selling prices declined a fraction with some firms citing promotional activity,” Haque revealed.