Dubai's business activity growth slows in July
(MENAFN) Emirates NDB's latest Dubai Economy Tracker said business activity in the emirate expanded at its slowest pace since March 2012 due to a softening in three key sub sectors in the economy.
The Emirates NBD Dubai Business Activity Index, which includes sectors such as construction, wholesale and retail, and travel and tourism, dropped to 53.1 in July from 55.5 percent a month earlier.
In terms of sectors, construction remained the best performing sector last month, with travel and tourism and wholesale and retail recording a marginal growth in business activity.
"The softening in activity is in line with other anecdotal reports, and reflects the impact that a stronger dirham and lower oil prices may be having on private sector," Emirates NBD's chief economist said.
The Emirates NBD Dubai Business Activity Index, which includes sectors such as construction, wholesale and retail, and travel and tourism, dropped to 53.1 in July from 55.5 percent a month earlier.
In terms of sectors, construction remained the best performing sector last month, with travel and tourism and wholesale and retail recording a marginal growth in business activity.
"The softening in activity is in line with other anecdotal reports, and reflects the impact that a stronger dirham and lower oil prices may be having on private sector," Emirates NBD's chief economist said.
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