Dubai’s non-oil economy stabilises in June; business activity rises – ZAWYA

  • Date: 09-Jul-2020
  • Source: Zawya
  • Sector:Economy
  • Country:UAE
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Dubai’s non-oil economy stabilises in June; business activity rises – ZAWYA

Dubai's non-oil economy stabilises in June; business activity rises | ZAWYA MENA Edition HomeEconomyGCCArticleDubai's non-oil economy stabilises in June; business activity rises The emirate's PMI headline reading rose to 50.0 in June, marking a notable improvement from the severe downturn    Image used for illustrative purpose. Stock Market Exchange on a skyscraper in dubai background.Non-oil private sector businesses in Dubai saw a tentative rise in new work in June as the region relaxed restrictions to stop the spread of COVID-19, signaling an end to the recent downturn across the emirate's economy.The seasonally adjusted IHS Markit Purchasing Managers' Index (PMI) reading for Dubai rose from 46.0 in May to the neutral 50.0-mark in June, to signal no change in overall business conditions at the end of the second quarter. Nevertheless, this ended a three-month downturn in the Dubai non-oil economy that was the worst seen in the series history and caused by the coronavirus pandemic.A reading above the 50-mark is an indicator of economic expansion.The seasonally adjusted IHS Markit Purchasing Managers' Index (PMI) reading for Dubai rose from 46.0 in May to the neutral 50.0-mark in June, to signal no change in overall business conditions at the end of the second