Dubai’s non-oil economy remains robust as PMI stays over 56% in September: S&P Global


RIYADH: Dubai’s non-oil economy continues to strengthen at a robust rate as the emirate’s Purchasing Managers’ Index maintained a healthy score of 56.2 in September, the latest data from S&P Global revealed.

Although down from August’s 57.9, Dubai’s non-oil sector’s rate of expansion was still the second fastest for more than three years in September.

“PMI data for September continued to signal a robust improvement in operating conditions at non-oil businesses in Dubai, thus continuing projections for the strongest quarter of growth for roughly three years,” said David Owen, an economist at S&P Global Market Intelligence.

He added: “The headline index was down from August’s recent peak for the first time in five months, as rates of expansion in output, new orders, employment and stocks of purchases softened.”

According to S&P Global, readings above 50.0 mark growth, while those below 50.0 signals contraction.