A predicted expansion of seven per cent in household spending in 2013 is expected to trigger a 5.3 per cent increase in total food consumption in the UAE, Business Monitor International, or BMI, said.
However, over a five-year forecast period, BMI forecasts total food consumption to increase at a compound annual rate of 6.2 per cent to reach a value of Dh37.5 billion in 2017.
“The outlook for household spending in the UAE remains encouraging, despite anaemic credit growth. We expect that consumer confidence and private consumption in the UAE will remain solid despite ongoing turmoil in global markets and renewed concerns surrounding the strength of the US, eurozone and Chinese economies,” BMI said in its “United Arab Emirates Food & Drink Report Q2 2013”. A recent report by Hay Group noted that 85 per cent of firms in the UAE increased salaries in 2012, while a country-wide average nominal pay rise of 5.5 per cent is forecast for 2013.
Read more: http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/February/uaebusiness_February459.xml§ion=uaebusiness
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