31% see UAE economy contraction in past six months - poll

Nearly a third of respondents see worsening conditions but 50% expect improvements in next 6 months
31% see UAE economy contraction in past six months - poll
By Staff writer
Mon 10 Oct 2016 02:00 PM

Nearly a third (31 percent) of UAE residents believe their country's economy is worse today compared to six months ago, according to a survey by Bayt.com and YouGov.

The Middle East Consumer Confidence Index poll also showed that despite this, half of the UAE respondents (50 percent) said they expect the economy to improve in the next six months.

Overall, the survey said only 28 percent of respondents in the UAE believe the economy has improved compared to 6 months earlier, while 27 percent claim that it has remained the same.

In terms of business conditions, 39 percent of UAE respondents said they believe that they are currently good while 36 percent believe that conditions are average and 22 percent believe that they are bad.

When it comes to job availability, only 21 percent of respondents said they felt there are plenty of jobs available across a wide variety of industries with 37 percent stating that job availability will increase.

More than 1 in 4 respondents (29 percent) believe that their current financial position is better now than it was six months ago, while 39 percent believe that it has remained the same.

Almost half (46 percent) of UAE respondents said they expect their financial situation to improve in the next six months, while 28 percent say that it will remain the same.

“Despite the negative feelings that have characterised the past few months, there are sparks of optimism among respondents that economic conditions in their countries will improve in the future,” said Suhail Al-Masri, VP of Employer Solutions, Bayt.com.

“In reality, respondents believe that there aren’t sufficient jobs, and this reality proves that competition among job seekers is fierce across the region.”

Data for the survey was collected online from August 3-31 from 2,893 respondents living in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia, and Algeria.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.