Posted on August 18, 2017

Families expressed optimism about the current situation in the second quarter of 2017 compared to the first quarter of the same year, reflecting the continued confidence of consumers in the economic situation in the country, and confirming the ability of the Qatari economy to overcome the challenges despite the unjust siege, according to a report.

The quarterly report of the consumer confidence index showed that the economic performance of the country rose nearly 0.1 points during the second half of 2017 compared to the first quarter of the same year. According to the report issued by the Ministry of Development Planning and Statistics (MDPS). the consumer confidence index showed that the index reached 183.8 points compared to 183.7 points during the first quarter of 2017. The index ranges between 0-200 points. Asking consumers whether the current time is appropriate for buying long-term consumer goods, the survey results showed that 25.1% of consumers said it is an appropriate time to buy such goods, compared with 24.6% in the first quarter of the same year.

Consumer optimism towards current situation rose by 0.3 points compared to the first quarter of 2017 when the index reached 173.4 points. The report attributed this optimism to the high levels of income as a result of the number of jobs or promotions in the work among family members, in addition to the several development projects in the country which provided employment opportunities and income increase, affecting the levels of optimism of families. The sub-index for the second quarter rose 190.8 points compared to 190.7 points in the first quarter of 2017. Respondents expressed their expectations for the recovery of the oil and gas sector, real estate projects, increased business activity and job opportunities because of development projects and the FIFA World Cup projects.

According to consumer sentiment in the second quarter this year, 79.9% of respondents expressed their expectations for a further improvement in the economic situation over the next 12 months, compared to the current period (the survey period), while 12.2% expected the situation to remain the same, and 2.6% expected the economic situation to worsen over the next 12 months compared to the current period. Regarding the suitability of the next 12 months to purchase a new vehicle, the results indicated that 10.4% of consumers believed that the time is appropriate to make the purchase, compared to 9.8% in the first quarter of this year.

A large percentage of consumers expressed a desire to buy because of good offers on the prices of vehicles, or to replace the old vehicle in the presence of income that allows the purchase of a new car.