Dubai’s non-oil economy continues recovery in February – IHS Markit

Dubai’s non-oil economy continues recovery in February – IHS Markit

UAE - Mubasher: The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) went up to 50.9 in February from 50.6 in January, marking an improvement in the non-oil private sector economy for the third month in a row.

This improvement is attributed to a rise in output and employment numbers amid companies' optimism for a strong economic recovery in 2021, according to a press release on Tuesday.

Dubai witnessed growth in production across the three monitored sectors, including construction which recorded the strongest upturn, followed by wholesale and retail.

However, the travel and tourism sector held back growth due to a further decrease in its activities.

Meanwhile, the sales volumes in the emirate's non-oil sector decreased for the first time since May 2020 amid the restrictions on consumer-facing services in February to curb the coronavirus (COVID-19) pandemic.

Hence, the index remained below its long-run average of 54.6 and referred to only a marginal recovery overall.

The Economist at IHS Markit, David Owen, commented: "The successful roll-out of COVID-19 vaccines in Dubai gave firms' increased optimism for growth in business activity