Non-oil growth slows down in December

dubai — Dubai’s non-oil private sector witnessed slowdown in growth in December 2017, according to Emirates NBD Dubai Economy Tracker Index released on Wednesday.

The index eased to 54.7 in December from 55.3 per cent in November, indicating the slowest rate of improvement in the past 14 months.

A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50.0, that it is generally expanding. A reading of 50.0 signals no change.

By sector, wholesale and retail (index at 54.9) was the best performing category, closely followed by construction (index at 53.5). The travel and tourism sector (51.2) experienced the slowest improvement in business conditions.

“The decline in the Dubai Economy Tracker index in December is a little surprising, but appears to be broad-based across all the key sectors. Nevertheless, a reading of 54.7 still indicates economic growth in December. Looking at 2017 as a whole, the survey data suggests that Dubai’s economy grew at a faster rate than both 2015 and 2016,” said Khatija Haque, Head of Mena Research at Emirates NBD.

The monthly survey results showed that job creation in the non-oil private sector continued for the 10th month running. The rate of hiring eased, however, and was the weakest reported since June.

— waheedabbas@khaleejtimes.com