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Financial News: Dubai Non-Oil Private Sector Growth At 13-Month High

Dubai Non-Oil Private Sector Growth At 13-Month High

06/11/2018 - 01:48:00 (RTTNews)

(RTTNews) - Dubai's non-oil private sector activity expanded at the fastest pace in just over one year in May, data published by IHS Markit showed Monday.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to 57.6 in May from 53.9 in April. Any reading above 50 indicates expansion in the sector.

The overall growth in May was mainly driven by improvements in the travel & tourism and wholesale & retail sectors.

Both output and new orders grew at the strongest rates since early 2015. Despite this, firms firms hired additional staff at only a fractional pace in May.

On the price front, input price inflation inflation eased from April and was moderate overall. Output prices dropped, albeit at a modest pace.

Reflective of strong business conditions in the sector, positive sentiment was at its highest since the series began in April 2012.

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