It rose to 56.4 points last month

The Dubai Purchasing Managers' Index recorded in July the highest level in 3 years

Production in private sector companies increased at the fastest rate in 3 years.

archival

In July 2022, the Dubai Purchasing Managers' Index of S&P Global increased by 0.3 points to 56.4 points, compared to 56.1 points in June, which is the best performance since June 2019 (three years). .

S&P Global said in a statement that the index, which measures the performance of the non-oil private sector, indicates an overall and more rapid improvement in business conditions in the non-energy private sector economy.

It said growth has improved five times in the past six months, and the Purchasing Managers' Index (PMI) has remained above its long-term average of 54.5 in the last survey period.

She indicated that the non-oil-producing private sector in Dubai continued to expand sharply in July, supported by the increase in new business, and the most important results of the index during the month of July included an increase in production in non-energy private sector companies in Dubai, for the 20th consecutive month in July , the fastest rate in three years.

Growth rates also accelerated since June in each of the three main sectors under study, with the strongest expansion recorded in the wholesale and retail, travel and tourism and construction sectors, respectively.

Many companies reported successful marketing activity, including promotions and discounts, to stimulate sales.

The travel and tourism sector recorded the fastest increase in demand among the three main sectors.

Companies remained optimistic about the growth of commercial activity during the next 12 months, in July, and the decline in the cost of production inputs in the non-energy private sector economy in Dubai during the month of July, breaking a series of accelerated price increases that continued for four months.

The labor market continued to improve in July, as the employment rate rose for the third consecutive month and the general trend of growth recorded since the beginning of 2021 continued. The job creation rate was the fastest repeat rate in 2022 so far.

The three main sectors recorded an increase in employment in July, with the travel and tourism sector seeing the largest increase.

• Dubai's private sector continued to expand sharply in July, supported by an increase in new business.

Follow our latest local and sports news and the latest political and economic developments via Google news