Consumer spending continued to increase in the UAE and rose 63 per cent in August, compared with March, as the government eased coronavirus-related restrictions to allow businesses and other economic activities to resume.
According to the latest statistics from the Federal Competitiveness and Statistics Authority, cited by state news agency Wam, hotels and restaurants benefitted the most from the relaxation of movement restrictions, as well as the apparel industry.
Spending in restaurants was 75 per cent higher last month than in March when movement restrictions to halt the pandemic were at their peak. Spending in hotels was 29 per cent higher.
Consumer spending on apparel grew 78 per cent in the same period, but outlay on food supplies and medicines dropped 32 per cent.
The latest report from FCSA is in line with an overall improvement in economic activity in the UAE on the back of higher output. The seasonally adjusted IHS Markit UAE Purchasing Managers' Index advanced to 50.8 in July from 50.4 in June, signalling a second successive monthly improvement in business conditions.
The further easing of movement restrictions helped improve customer demand at the start of the third quarter in the UAE, according to IHS Markit.
The coronavirus pandemic has tipped the global economy into the deepest recession since the Great Depression and prompted governments across the world to provide trillions of dollars in monetary and fiscal stimulus.
The UAE was the first in the Middle East and North Africa region to introduce economic stimulus measures, including zero interest funding to banks to boost lending growth. It also unveiled initiatives such as discounted utility bills and fee waivers.
Last month, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, called for the UAE to be “the fastest country in recovery” from the Covid-19 crisis.
Sheikh Mohammed said recovery was the top priority for the country’s economy in the short term, but long-term plans will make it the most stable and diversified.
“We want a competitive national economy, well integrated, acting proactively, and make quality strides,” he said.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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UAE currency: the story behind the money in your pockets
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