Dubai’s private sector could be getting its mojo back after touching a low point in February – the Emirates NBD Dubai Economy Tracker Index has a score of 52.7 in April and up from March’s 52.5.

“The improvement in the Dubai Economy Tracker in April is encouraging, particularly as it reflects faster new orders and output growth,” said Khatija Haque, Head of MENA Research at Emirates NBD. “The latest survey confirms our view that Dubai’s economy is growing in 2016, albeit at a slower rate than last year.”

The April reading makes for the highest seasonally adjusted Index, given that it is the “fastest improvement in overall business conditions since November”.

The headline index has now posted above the 50 no-change value for two months in a row. Even then, the latest reading is still weaker than the long-run survey average (55.1). All three key sub-sectors monitored by the survey recorded an improvement in business conditions during April, led by wholesale and retail.

The tracker results are derived from individual diffusion indices which measure changes in output, new orders, employment, suppliers’ delivery times and stocks of purchased goods.

A reading of below 50.0 indicates that the non-oil private sector economy is generally declining; above 50, that it is generally expanding. A reading of 50 signals no change.