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Abu Dhabi Department of Economic Development releases consumer confidence in economic performance, national family status observatory, confidence in business climate and the business cycle indices

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Abu Dhabi Department of Economic Development releases consumer confidence in economic performance, national family status observatory, confidence in business climate and the business cycle indices

Tuesday, June 04, 2013
Abu Dhabi Department of Economic Development will start releasing the results of the first quarter report on economic indicators 2013, which will cover four developmental indicators for the Emirate of Abu Dhabi, namely the consumer confidence in performance index, the national family status observatory index, the confidence in business climate index and the business cycle index.H.E Rashed Ali Al Zaabi, the Executive Director of the Planning and Statistics Sector of Abu Dhabi Department of Economic Development said that since September 2009 the Department was regularly releasing composite indicators based on measuring levels of optimism or pessimism among individuals, consumers and businessmen in General. Al Zaabi said that besides the basic indicators which are computed in most countries of the world, the Department is currently embarking on new types of composite indicators such as transparency in FDI policies, credit cards indicator and other composite indicators.According to Al Zaabi, the aim of ADDED behind the production of such indicators, is to aid economic policy with tools to ensure greater economic growth and avoid negative consequences of economic factors that may directly or indirectly affect economic activity, and to minimize such adverse effects as much as possible.The Executive Director of the Planning and Statistics Sector also emphasized that the Abu Dhabi Department of Economic Development looks forward to providing more data and indicators to serve businessmen, investors, interested parties and individual; noting that economic indicates mirror the performance of the economy of the Emirate of Abu Dhabi, adding that in building these indicators, ADDED applies of the best international methodologies, in partnership with several international entities such CESifo Group Munich, the World Bank the Conference Board and other leading institutions in this field.Mr. Rashid Ali Al Zaabi said that the Government's efforts and approach for continuing development and modernization of the economy were reemphasized by the declaration of the huge volume of government development expenditure allotted for the next five years, which would amount to AED 320 billion. Al Zaabi said that this strong positive signal to businessmen and private investors reiterates the intention of the Government of Abu Dhabi to continue in the implementation of large-scale development projects.Rashid Al Zaabi said that this important step, in turn raised optimism among businessmen and investors about the future and also headed the private sector to start down the implementation of several projects, which were slowed as a result of the alert generated by the global financial crisis and its repercussions; and the progress toward new investments.Al Zaabi added the this government decision has significantly contributed to the high levels of confidence among consumers and businesses alike, confirming that all segments of the society were fully aware of the strenuous efforts of the Government, to promote growth and consolidate its pillars for the benefit of citizens and residents.The indicators first quarter report pointed out that the  According to the consumer confidence index prepared by (MasterCard) in UAE, and the latest survey carried out in 2012 during the period (November 7 and December 23), the consumer confidence index in the United Arab Emirates marked (91.4) points compared to 86 points scored in the previous survey (end of the second quarter of 2012) where the index revealed that consumers in UAE were very optimistic on the overall result of the consumer confidence index, as they were also positive with regard to sub-indicators.Comparing the present results with previous survey results, consumers were more optimistic in the last survey. Living standards showed (95, 6 points vs. 88, 6 points scored in the previous indicator), employment (95, 2 points Vs, 88, 9 points), the economy (94, 6 points vs.89, 1 points) and stock market (86, 9 points vs.77 points). Consumers also remained very optimistic on fixed income (84, 7 points vs.86, 2 points). The first quarter indicators report of Abu Dhabi Department of Economic Development overviewed the performance of the global economy economies and the results of world indicators, revealing that in 2012 the global economy ended with a growth rate of approximately 3.2% down by 0.1% compared to the IMF revised forecast of November 2012, which predicted 3.3%, in light of the continuing slowdown in economic performance in developed economies as a result of the setbacks of sovereign debt in Europe, and its reflection on global demand and trade, especially in emerging and fast-growing economies.The introduction of the report indicated that the developed economies were not able to successfully stop beat the consequences and repercussions of the deterioration of public budgets, where the failure of euro-zone countries in crisis with the emergence of bottlenecks in their budgets caused some degree of uncertainty about the future of Greece and other large economies, such as Spain and Italy, though less sharply, coupled with the poor performance of the private policies, especially the American fiscal policy performance. This resulted in lowering investors' confidence indicators.The report highlighted the situation in emerging economies, noting that all predictions in one way or another indicated that emerging economies will have a big role in driving global growth through 2013. According to the IMF outlook report in January 2013 rate of growth in China to 2013 was expected to reach (8.2%), compared with a growth rate of approximately (7.8%) in 2012, at the time when the Government of China was managing to suppress inflation down to (3.4%).The report said that according to the data released by the Chinese Ministry of Commerce, the value of FDI moving out of China during the January 2013 was estimated at ¥ 9.27 billion, as exports to China during the month of January 2013 hiked by 25%, registering the strongest export performance since April 2011.The report indicated that at the beginning of September 2012 the Indian government started to take certain measures in the field of public finance reform, reduce the fiscal deficit and create real jobs to bring down unemployment, which stood at about 9.9% percent at the end of 2012.The report also shed light on the reforms taken by India to increase fuel prices and reduce restrictions on foreign investment in leading economic sectors including aviation and trade in general, adding that the IMF forecast indicated that India in 2013 is expected to achieve a growth rate of (5.9%), compared to a growth rate of approximately (4.5%) in 2012.The first quarter indicators report pointed out that the world economy is expected to achieve a growth rate of about (3.5%) in 2013, compared to (3.2%) in 2012, with expected high growth rates in emerging and developing economies.The Organization for Economic Cooperation and Development report issued at the beginning of 2013, indicated that China will lead economic growth in developing countries during the first half of 2013 with (8%). The report also noted that emerging economies will contribute significantly to driving global growth, although there are variations among those emerging economies.Abu Dhabi Department of Economic Development first quarter indicators report of noted that the economies of the GCC countries, achieved good growth rates in 2012 and that real GDP growth is expected to reach 4.6%, compared to 7.9% in 2011, stating that banks in GCC countries enjoyed liquidity and adequate capital last year, and that their direct exposure to the sovereign debt crisis in the euro area was minimal.With regard to oil, the report revealed that oil production rose with prices hiking above $ 100 a barrel, so GCC countries are expected to experiencing another year of current account surpluses, estimated between 10-20% of GDP for the region as a whole. The GCC government spending also increased, leading to optimistic expectations on supporting investment and raising domestic demand. All that contributed to the rise in level of optimism among consumers in the GCC countries in General.The first quarter indicators report noted that the results of the consumer confidence index in the Arab countries, varied among consumers in these countries, according to the index prepared by (Bayt) in March 2013. Consumers in Syria indicated that the overall situation in their country has deteriorated, while consumers in Egypt and Jordan expected that the cost of living in their countries will increase, the GCC countries have greater optimism in their living conditions, as 64% of consumers in UAE, 65% of the consumers in Qatar, and 60% of consumers in Oman were optimistic. The survey results reflected rising consumer optimism in the GCC over the current working conditions.
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