Continued optimism on Abu Dhabi’s economy, DED report says
Optimism levels in 2015 relatively lower than those of 2014 due to fall in oil prices and other developments, according to DED report.
The 2015 General Consumer Confidence Index in the Economic Performance of Abu Dhabi showed optimism among consumers of all demographic and social backgrounds, according to a report by Department of Economic Department (DED). However, optimism levels recorded among consumers during 2015 is relatively lower than those of 2014 due to regional and global challenges and their effects.
Khalifa Bin Salem Al Mansouri, DED’s Acting Undersecretary pointed out that in 2015, a combination of local and international factors have affected consumers’ morale and optimism.
“Such factors include higher inflation levels in the emirate of Abu Dhabi during 2015 and consumer fears over unfavourable developments in the international economy such as the continuous drop in oil prices in international markets and the slowdown in the emerging markets, especially the main ones like China, Russia, Brazil and other exporting countries, in addition to the fluctuations in the global financial markets and their impact on local markets.
“All these factors have had their toll on the outlook and assessment of Abu Dhabi consumers to their own financial status and living standards during 2015. Though such assessment was positive in most cases, these factors have affected the level of optimism in consumers’ expectations for the future,” added Al Mansouri.
On average, Consumer Confidence Index in the emirate’s economy has scored 126 points in 2015, which reflects continued optimism among all segments of Abu Dhabi consumers regarding the emirate’s current and future economic conditions, according to a statement by DED.
Ali Rashed Al Za’abi, Acting Executive Director of the DED’s Planning and Statistics Division, said that the 2015 Individual Financial Position Index has scored about 111 points on average indicating a positive assessment of individuals of their current conditions in terms of job opportunities and income.
Regarding the Confidence in Policies Index, which monitors consumer confidence in government policies related to their living conditions, Al Za’abi said that in 2015 it scored (105) points on average, which reflects continued confidence in the economic policies aimed at sustaining the living conditions of people in the emirate.