Mon 05-11-2018 20:12 PM
ABU DHABI, 5th November, 2018 (WAM) — The General Index on Consumer Confidence in Abu Dhabi’s economic performance during the second quarter of 2018 showed a considerable improvement in the levels of confidence and optimism among consumers in the Emirate of Abu Dhabi, according to the Department of Economic Development – Abu Dhabi.
The index ended the second quarter scoring an average of 144 points marking a significant rise compared with the same period in 2017. This reflects the extent of consumer confidence in the Emirate’s economy capability to take advantage of the opportunities available, in light of the declared economic and development initiatives, in addition to the continuing improvement in the pace of global economic growth.
The General Index on Consumer Confidence in Abu Dhabi’s economic performance during the second quarter of 2018 represents the outcome of the positive performance for its subsidiary indexes represented in the status quo indicators, which involves the perception of consumers of the economic situation within the said quarter, as well as the future status index that involves expectations of consumers regarding the future of economic situation.
The General Index on Consumer Confidence in Abu Dhabi’s economic performance scored 144 points on average, during the second quarter of 2017 showing a rise in the level of consumer confidence and positivity towards the future of the economic situation in Abu Dhabi, as well as their positive perception of impacts expected upon the implementation of the programmes under those initiatives, on their living conditions and the quality of their welfare.
With respect to the perception of consumers of the economic situation during the second quarter of 2018, the indicator of the current situation recorded 114 points, on an average during the said quarter to reflect an improvement in the assessment of consumers to the economic situation, while the state of waiting out regarding the implications of the introduction of VAT has declined further.
In this connection, inflation rates in the Emirate of Abu Dhabi during the second quarter of 2018 were lower than their counterparts in the first quarter of the current year, while the impact of reducing housing rental, in addition to other factors ensured the inflation rate remained less than the tax rate.
The indexes of future projections recorded about 165 points on average in the second quarter of 2018, reflecting a rise in the level of optimism in the expectations of Abu Dhabi’s consumers about the future of the economic situation in the Emirate in terms of the macroeconomic performance, employment and income.
WAM/Tariq alfaham/Hassan Bashir