Dubai’s non-oil economic growth at five-year high

Dubai’s non-oil economic growth at five-year high

Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate.  At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019.  The number is well above the 50.0 mark which separates […]

PMI highest since May 2019

Wholesale and retail prices fall

Companies optimistic about 2024

Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. 

At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. 

The number is well above the 50.0 mark which separates growth from contraction, and companies are confident of continued growth for the remainder of the year.

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“Inflationary pressures remained soft which encouraged greater sales promotions, while employment and inventory growth strengthened,” said David Owen, senior economist at S&P Global Market Intelligence. “All this suggests that the non-oil sector’s expansion has further to run during 2024,”

Prices fell at the fastest pace in eight months in February, with the most prominent reduction seen in the