Hopes of continued strong economic growth received a boost in July 2018 from figures showed another strong month of activity in the non-oil private in June. The survey of purchasing managers by Emirates NDB showed the headline index was 56.0 in June, up from 57.6 in May on a scale where a number over 50.0 indicates expansion. Stronger expansions were recorded for both the wholesale and retail and construction sectors. Furthermore, business confidence accelerated to a survey-record high amid a strong pipeline of new projects and work outstanding. Non-oil economic activity in the UAE grew by 3.1% in the first quarter of 2018, slowing slightly from 3.4% in the final quarter of 2017. Overall economic activity, which includes oil output, grew by 1.2% in the first quarter. However, hopes of a major rebound in economic growth in 2018 were dashed by forecasts from the International Monetary Fund in its April 2018 world economic outlook. The IMF sees the economy growing by 2.0% in 2018, up from 0.5% in 2017 but below the 3.4% it pencilled in in October 2017. The UAE economy is geared to grow at an accelerated pace at 3.9% in 2018, the Ministry of Economy said, saying that government investment in infrastructure projects and growth in foreign trade would spur growth.