Consumer Confidence Index in Abu Dhabi soars

12/07/2016 05:33 AST

The General Index for Consumer Confidence in Abu Dhabi’s economic performance during Q1 of 2016 recorded about 115 points on average, reflecting continuous optimism among the consumers of different demographic and social segments towards the economic conditions in Abu Dhabi.

This further reflects consumers’ confidence in Abu Dhabi’s economic capabilities to accommodate the current economic challenges and endure their pressures thanks to the economy’s potentials and capabilities.

This was part of the results of Abu Dhabi’s Economic Performance Report issued this week by the Studies Directorate of Abu Dhabi Department of Economic Development for Q1 of the current year within the results of the aggregate indices of economic sectors in the Emirate of Abu Dhabi. The General Index for Consumer Confidence in Abu Dhabi economic performance included sub-indices covering the individual financial conditions index, and the index of confidence in economic policies related to the consumer.

According to the report, the performance of the General Index for Consumer Confidence demonstrated how affected the consumers are in Abu Dhabi together with their evaluation of their financial and living standards. In addition, it showed their perspectives on impacts of measures and procedures taken within the framework of applicable economic policies during Q1 of 2016. This was the result of internal and external factors including the rising inflation rate in Abu Dhabi, the consumers’ concerns related to unfavorable developments of the global economy such as the continuing decline in oil prices in the global markets, the performance of emerging economies categories particularly the main economies such as China, Russia, Brazil and other countries exporting goods, and the shifts in the global capital markets and their impact on national markets.

The report added that this came in the wake of the developments of the global economy and the challenges faced by the main developed and emerging economies particularly countries exporting goods, including oil, due to its lesser prices in global markets. The consumers’ expectations were more optimistic about the future as to their confidence in Abu Dhabi’s economic capabilities, thanks to its economic components enabling it to accommodate the current economic challenges.

In March 2016, the individual financial conditions index recorded 102 points, reflecting the positive evaluation of individuals on their financial conditions at the end of Q1. The index value decreased slightly below the level of neutrality in the mentioned quarter recording 99 points on average.

The Gulf Today