DUBAI: Growth in Dubai’s non-oil private sector activities slowed down in January, bucking the 29-month high recorded last month in new orders.
The latest IHS Markit Dubai Purchasing Managers’ Index decreased for the first time in four months, from 55.3 in December to 52.6 in January.
The index, which measures changes in output, new orders, and employment among others, was still higher than the neutral mark of 50.0, the report noted.
“After a strong final quarter of 2021, the Dubai non-oil economy lost momentum at the start of the year, amid a much milder rise in new work volumes that firms will hope is largely a blip due to the Omicron wave,” David Owen, an Economist at IHS Markit, said.
Output levels continued to rise as businesses see further recovery from the pandemic.
“Going forward, Dubai businesses expect market conditions to continue to improve as the pandemic hopefully has a more limited impact through 2022,” Owen said.
