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A majority of Qatar residents are optimistic that their financial situation will be “better” in the next six months; even as they viewed that inflation will also escalate within that time, according to a survey.
The latest Middle East and North Africa (Mena) consumer confidence index survey, jointly conducted by Bayt.com and YouGov, found that 44% of Qatar respondents say that there has been no change in the past six months, while 27% claim things are now better; 43% say that their savings have depleted in comparison to last year.
“However, 57% believe that things will be better in the coming six months. Despite this optimism, 68% believe that the cost of living in the country will increase within the same timeframe,” it said.
Elsewhere in the Mena region, respondents are optimistic that 44% expect their personal or family’s financial situation to improve in the next six months.
The majority of Qatar residents (44%) are considering buying a personal vehicle in the next 12 months. Those who claim they are looking to make a purchase, 42% will choose to buy a new vehicle, while 48% will opt for a used one. In terms of property, only 29% are looking to invest; interests lie in buying new villas, townhouses or bungalows.
Desktop or laptop computers (25%), furniture (20%) and LCD or plasma televisions (21%) will be the top purchases made in the coming six months, according to it.
Of the respondents in Qatar, 41% state that the country’s economy has improved in the last six months, and 51% claim that business conditions now are either ‘good’ or ‘very good’, the survey said.
“The outlook for Qatar’s future is more hopeful; 65% believe that the economic situation will continue to improve; 72% anticipate better business conditions, and 60% think there will be more jobs available,” it said.
On the current job environment, the survey found 48% of companies in Qatar have seen a rise in employees in the past six months. Five in ten respondents (53%) believe their company will hire in the next six months.
Respondents in Qatar are satisfied with their career growth opportunities (49%), non-monetary benefits (46%) and job security (45%). However, while 42% claim to be satisfied with their current compensation, 33% are unhappy with it.
“There is a lot of conflicted sentiment across the region at present, with clear disparities between regions within the Mena — especially between the GCC, and the Levant and North Africa. The GCC seems to be faring especially well on the whole, with Oman, Qatar, Saudi Arabia and the UAE coming out amongst the highest in terms of current status and future prospects,” Suhail Masri, vice-president of sales, Bayt.com, said.
UAE’s CPI reaches 117.24 in February
Annual inflation in the United Arab Emirates rose to 0.73% in February, up from 0.43% in January, mainly due to higher food and beverage prices, according to the country’s national bureau of statistics.
The overall consumer price index, or CPI, reached 117.24 in February, up from 116.39 in the year before period, the agency said in an emailed statement yesterday.
While the food and beverages components posted a rise, the increase was mitigated somewhat by a slight fall in housing prices, data showed. The housing category makes up nearly 40% of the UAE’s CPI basket.
UAE’s economy minister in January said he expects inflation to range between 1% and 1.5% this year. Inflation in the UAE has remained subdued in the past few months, but a strengthening economy is expected to boost demand — especially in the housing sector, which may eventually lead to higher inflation, some analysts say.
According to them, “the UAE economy started 2013 in good shape,” Standard Chartered said in a note yesterday. “First, government spending out of Abu Dhabi is strong, with the emirate outlining strong medium-term spending plans. Second, Dubai’s economy is firmly on track, with the core trade and services sectors well placed to benefit from strong regional trade currents, underpinned by high levels of GCC government spending in 2013.”