Dubai non-oil economic growth index slips slightly

(8/10/2017 7:50:00 AM)

Emirates NBD Dubai Economy Tracker Index, a key measure of the emirate's private non-oil economic health dipped slightly in July as the pace of employment stagnated, however growth momentum outlook remains robust.

The composite indicator fell marginally to 56.3 in July from 56.5 in June. A reading below 50 suggests that the non-oil economy is generally declining, whereas a reading above 50 indicates that it is expanding.

“While the headline index continues to reflect strong growth in the non-oil economy in July, firms’ margins continue to be squeezed as they lower selling prices, particularly in the trade and hospitality sectors," said Khatija Haque, the head of Mena research at Emirates NBD. "Employment growth remains soft overall.”

The National