Dubai’s non-oil economy maintains growth in July

Dubai’s non-oil economy maintains growth in July

Around 32 per cent of surveyed firms reported a rise in output in July, associating this with higher sales volumes, greater marketing, and work on current projects

Published: Wed 9 Aug 2023, 11:46 AM

Dubai’s non-oil economy continued to grow in July, driven by robust expansions in output and new businesses.

The rate of job creation registered a boost but the growth moderated slightly and was at a three-month low, according to S&P Global’s Dubai Purchasing Managers’ Index (PMI) for the month of July released on Wednesday.

The PMI reflects changes in output, new orders, employment, and suppliers’ delivery times and stocks of purchased goods of non-oil private sector companies.

The monthly survey showed that the headline index stood at 55.7 in July, down from a 10-month high of 56.9 in June. A reading above 50 signals an expansion in the month, whereas readings below 50 signal a contraction.

Data released by the Dubai government on Tuesday showed GDP maintained growth momentum in 2023, growing at 2.8 per cent to Dh111.3 billion, driven by transportation and storage, accommodation and food services, and financial and insurance sectors.

“Dubai's non-oil private sector continued to record strong gains in business activity and demand as we head into the second half