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Financial News: Dubai Non-Oil Private Sector Growth Eases In May

Dubai Non-Oil Private Sector Growth Eases In May

06/11/2017 - 04:23:00 (RTTNews)

(RTTNews) - Dubai's non-oil private sector expanded at the slowest pace in seven months in May, data published by IHS Markit showed Sunday.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index fell to 55.0 in May from April's 26-month high of 57.7.

Nonetheless, the reading was comfortably above the neutral 50 threshold and was in line with the long-run average.

Among sub-sectors, construction companies experienced the fastest improvement in business conditions, followed by wholesale and retail and travel and tourism.

The growth in output and new orders slowed to the weakest level in seven months. Companies raised their payroll numbers, but only at a marginal pace.

Inflationary pressure faced by private sector firms eased to a 14-month low and was only fractional. Led by construction firms, output charges rose for the first time in 11 months, although at a fractional pace.

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