Dubai's non-oil economy records lower output in January; first rise in employment for year

SourceMubasher
SectorEconomy
CountryUAE

UAE - Mubasher: The adjusted IHS Markit Dubai Purchasing Managers' Index (PMI), covering the non-oil private economy, has declined to 50.6 in January from 51 in December, posting above the 50.0 growth threshold for the second month in a row. The IHS Markit Dubai PMI went down in January due to the decrease in the output and new orders sub-indices, according to a press release on Tuesday. However, both output and new orders remained in expansion territory. Meanwhile, the rate of expansion in Dubai's business activities eased from December's five-month high despite witnessing an increase for the second month in a row in January.

Most of the monitored sectors saw growth at the start of 2021, except for the travel and tourism sector that recorded lower business conditions due to global travel restrictions. In addition, Dubai witnessed the first increase in employment since February 2020, driven by the rise in business activities and optimism linked to the coronavirus (COVID-19) vaccines. The Economist at IHS Markit, David Owen, said: "Uncertainty surrounding the near-term economic outlook and the prospect of tighter pandemic measures meant that output expectations across Dubai’s non-oil sector remained subdued in ...read more...