Dubai’s wholesale and retail industry helped drive the expansion of the city’s non-oil sector in July, as output rose to a 20-month high at the fastest pace in three years, reported S&P Global.
The Purchasing Managers Index — a measure of business activity and performance in the non-oil sector — increased to 56.4 in July from 56.1 in June, exhibiting its best performance in the past three years.
Among the three key sectors of Dubai, the wholesale & retail sector showed the highest growth, followed by travel and tourism, then construction.
“Dubai’s non-oil private sector registered the fastest rise in output in three years in July, supported by another solid increase in new business and promotional activity,” stated David Owen, an economist at S&P Global Market Intelligence.
Input cost inflation — which has been a pressing issue across the world — decreased after four months of consistently increasing prices.
As for supply chains, they witnessed a slowdown in average lead times for the first time since December 2021.
The labor market displayed continuous growth over the past three months, with July marking the highest rate of job creation in 2022 — spearheaded by travel and tourism.