KHALEEJ TIMES, Wednesday, May 16, 2018 | Shaaban 29, 1439
UAE residents upbeat on their personal finances
in the UAE are optimistic about their personal finances, with 65 per cent
believing they would be good or excellent in the next 12 months, according to
the results of a new survey.
The results of the
Global Consumer Confidence Survey, which is produced in collaboration with
Nielsen, showed that the UAE reported a significant improvement in consumer
confidence with an index of 118 in the fourth quarter of 2017, which is a
six-point increase from the previous quarter and a 10-point increase from the
same period in 2016 - the highest in the region and ranked fifth globally.
The gain in confidence
from the third quarter was driven by improvements in perception of personal
finances and immediate-spending intentions.
At 55 per cent, more
than half of the respondents were confident about immediate-spending intentions,
an increase of three percentage points from the previous quarter.
The perception of job
prospects however, dipped slightly with the share of respondents who think job
prospects will be good or excellent over the next 12 months declined from 66 per
cent in the third quarter to 64 per cent in the fourth quarter. The percentage
of respondents who cited the economy as a leading concern increased one
percentage point while concerns over job security declined in the fourth quarter
by six percentage points from the previous quarter.
"The economy is
showing early signs of renewal as growth marginally picks up, with firming oil
prices, an increase in infrastructure development and easing fiscal adjustment
due to new revenue streams. This is reflected in the positive momentum of
consumer confidence level in the country throughout 2017," said Arslan Ashraf,
managing director, Nielsen Arabian Peninsula and Pakistan.
Africa/Middle East saw
the greatest change globally, with the region's consumer confidence index rising
three points to a score of 92, but it remains below the global average.