Abu Dhabi's economic performance dipped in the first quarter of the year, show the results of a newly-launched business cycle indicator in the capital.
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Weakening business and household sentiment helped drag the indicator down compared to the same period last year, according to the new index from Abu Dhabi Department of Economic Development (DED).
"The recovery will be longer and more difficult than expected and restoring confidence is more important than ever," said Rahsed al Zaabi, deputy executive director of the planning and statistics sector at DED.
Officials say the Abu Dhabi Business Cycle Indicator will provide the most useful and timely gauge of the health of the emirate's economy. Released every quarter, the indicator will be a composite of five individual indexes: the number of new business registrations from the Abu Dhabi Chamber of Commerce and Industry; firms' assessment of the current business situation; data on personal income; the performance of stocks on Abu Dhabi Securities Exchange (ADX); and oil prices.
The DED has partnered with the German International Cooperation (GIZ), a policy agency of the German Government, and the University of Munich's Institute for Economic Research to launch the indicator.
tarnold@thenational.ae
