According to Emirates NBD Dubai Economy Tracker Index, Dubai’s private sector has had a strong throughout the first two quarters of 2016
Last month’s score was 55.7, down from 55.9 in July but above the 50 no-change threshold for the sixth month in a row.
Emirates NBD also said also said that the headline index, which is on the verge of recording its highest average reading for any quarter since last year.
August,” it added. “Wholesale and retail remained the best performing (index at 55.5), followed by travel and tourism (54.7) and construction (52.6).
“Survey respondents mainly pointed to strong sales growth in August, supported by improving economic conditions and successful discounting strategies to stimulate client demand.”
The Emirates NBD Dubai Economy Tracker Index uses makes use of individual diffusion indices which measure changes in output, suppliers’ delivery times new orders, employment, as well as stocks of purchased goods.
Khatija Haque, Head of MENA Research at Emirates NBD said“After a strong reading in July, it is unsurprising to see a slightly softer Dubai Economy Tracker index in August,” said.
“Output and new orders still increased sharply last month, partly due to more aggressive price discounting by firms. Businesses also appear to be more optimistic about the coming months, which is encouraging.”