Individual Spending up on Inflation Spiral in UAE

Soaring prices have allied with a steady population growth to sharply boost individual spending in the UAE and maintain its position as the top Arab nation in terms of consumer expenditure, official figures showed yesterday. From Dh329.7 billion in 2006, the UAE final consumer spending jumped by more than 20 per cent to a record Dh396.05bn in 2007, the Central Bank said in a study. Private consumption, which covers spending by individuals and families on domestic commodities and services, soared by 17.7 per cent from Dh271.7bn in 2006 to Dh319.8bn in 2007. Government consumer spending leaped by 33 per cent from Dh57.9bn to Dh76.19bn in the same period. The surge in the private consumption last year meant the UAE individual spent an average Dh72,500 compared to around Dh64,065 in 2006 and only Dh23,000 in 1998. The level in... [read full story]