2023 Ajman Consumer Sentiment Index Surges, Surpassing Global Standard
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The Ajman Consumer Sentiment Index (CSI) has seen in 2023 a rise to 131 points, surpassing the global benchmark of 100 points. This advancement, as reported by the Ajman Department of Economic Development, signifies a higher level of economic optimism among Ajman’s consumers compared to their global counterparts.
Sheikh Ahmed bin Humaid Al Nuaimi, Ajman’s Representative of H.H. the Ruler for Administrative and Financial Affairs and Chairman of the Department of Economic Development, highlighted the index’s impressive score as an indicator of widespread confidence in the local economy.
He anticipates this positive sentiment to boost consumer spending, stimulate demand for financing and investment, and consequently propel economic growth.
Sheikh Ahmed credits the nation’s and emirate’s strategic and balanced economic policies for achieving a notable regional and international standing, which in turn uplifts consumer and investor confidence.
Furthermore, he views the index’s performance as a motivator for the government, decision-makers, and policymakers to enhance efforts and initiatives aimed at boosting the economic and investment climate, strengthening business community confidence, and ensuring a quality life for the emirate’s inhabitants.
The CSI, determined through surveys, gauges consumer confidence by querying individuals about their economic future outlook, personal financial situations, and readiness for significant purchases.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
