ADDED: Index of confidence in Abu Dhabi's economic performance scores 115 points in Q1, 2016

ABU DHABI, 12th July, 2016 (WAM) -- 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 unfavourable 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 index performance was affected by the consumers' evaluation on their financial conditions during January. This evaluation was conducted during the inflation rate which reached 3.3 percent in January, according to SCAD, and the concerns related to the global economic developments. Oil prices recorded their lower levels affecting the consumers' evaluation of their financial conditions in Q1 of 2016. As for the index of confidence in the policies, which measures the consumers' confidence in the government policies related to their living conditions, it ended up, during Q1 of 2016, with 102 points in March. The index value reflected consumers' continuing confidence, despite of their different characteristics, in the economic policies to sustain the living standards of Abu Dhabi citizens. It also reflected their positive perspective towards the government measures and procedures related to the consumer. As for future expectations index, it scored 148 points, on average, during Q1 of 2016. It increased by 2 points compared to its level in the last quarter of 2015. Hence, it reflects a rise in consumer level of optimism in Abu Dhabi concerning the future of the economic conditions therein. As for the consumer employment status, the trends of the General Index for Consumer Confidence during Q1 of 2016 showed the continuous optimism feeling among employed and unemployed consumers. Employed consumers were more optimistic as the index scored 117 points on average, during the mentioned quarter. The index of unemployed consumers scored 112 points. According to the labour sector, the trends of the General Index for Consumer Confidence during Q1 of 2016 reflect the continuous optimism levels among personnel in all sectors. Personnel of government sector were more optimistic than others during Q1 of 2016 with the general index of 126 points, on average, while the General Index for the Joint Sector scored 177 points and the General Index for the Private Sector scored 111 points. According to the nationality, the results of the General Index for Consumer Confidence showed high levels of optimism among individual consumers of all nationalities during Q1 of 2016. Citizens showed higher levels of optimism compared to other nationalities, as the general index of citizens recorded 134 points, on average, during the mentioned quarter, while the general index of non-citizens recorded 109 points on average. According to the age group, the General Index for Consumer Confidence in Abu Dhabi showed improved levels of optimism among consumers of all age groups in Q1 of 2016. Younger consumers were more optimistic as the index increased recording 124 points, on average, for consumers between 18 and 30 years of age. The index for consumers between 30 and 50 went down, recording 108 points, and consumers above 50 years of age recorded 111 points. According to the consumers’ educational status, optimism levels have improved among consumers in various educational levels during Q1 of 2016. The levels of optimism for consumers with secondary education and consumers with least levels of education were similar as the General Index for both groups recorded 125 points, on average. The general index for holders of university degrees or higher recorded 115 points on average during Q1 of 2016. - Emirates News Agency, WAM – http://www.wam.ae/en/news/economics/1395297632892.html