Activity in the non-oil private sector is rising at its fast level for two years. The survey of purchasing managers by Emirates NDB for May 2018 showed the headline index was 57.6 in May, up from 53.9 in April on a scale where a number over 50.0 indicates expansion. The key drivers of May’s marked improvement were increases in the travel and tourism, and in the wholesale and retail sectors. Construction was the only sector to record softer growth. Business activity has risen continuously on a monthly basis since March 2016. According to anecdotal evidence, a sharp expansion in new order books which in turn was linked to promotional activities and strong client demand, led to rising output requirements in the sector. However hopes of a major rebound in economic growth in 2018 have been 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’s economy minister has pointed to growth of 3% in 2017 despite challenges such as lower oil prices.