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RIYADH: Dubai’s non-oil economy continues to strengthen as the emirate’s Purchasing Managers’ Index maintained a healthy score of 56.2 in September, the latest data from S&P Global revealed.
Although down from August’s 57.9, Dubai’s non-oil sector’s rate of expansion was still the second fastest for more than three years.
“PMI data for September continued to signal a robust improvement in operating conditions at non-oil businesses in Dubai, thus continuing projections for the strongest quarter of growth for roughly three years,” said David Owen, an economist at S&P Global Market Intelligence.
He added: “The headline index was down from August’s recent peak for the first time in five months, as rates of expansion in output, new orders, employment and stocks of purchases softened.”
According to S&P Global, readings above 50 mark growth, while those below 50 signals contraction.
The growth of sales in September was boosted by wholesale and retail businesses in addition to the travel and tourism sector, although the latter slowed down to its lowest level since January.
In contrast, lower levels of employment brought down output and business growth in non-oil companies over the month of September.
Although energy prices were reduced in August, they inched up again in September, increasing input costs.
As for the rate of inflation in September, it was at its lowest rate in just under a year.
Moreover, businesses and firms continued to drop their output prices to ease price pressures on consumers.
The report added: “Expectations for future activity at non-oil businesses picked up in September and remained in positive territory, but well below the series average.”
