Business activity in Dubai hits strongest level since June 2019 on Expo boost
Friday, April 26, 2024
12:51:22 AM
13th January 2022 The National News --- Business conditions in Dubai's non-oil private sector economy were at their strongest level in two and a half years in December, driven by a sharp increase in new orders amid an Expo 2020 Dubai demand boost and an improvement in the tourism sector.
The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index reading climbed to 55.3 in December, from 54.5 in November, signaling a sharp improvement in operating conditions as the non-oil economy continued to recover.
A reading above 50 indicates economic expansion while one below that points to a contraction.
The upturn was driven by a “robust increase in new order volumes”, IHS Markit economist David Owen said. The rate of growth was the quickest recorded since July 2019 and back in line with the trend for the IHS Markit survey series, which began 12 years ago.