Consumer confidence drops 0.7% in June, says state agency

Consumer confidence decreased by about 7 percent during June, said a monthly report by the Information and Decision Support Center.

In its monthly report on consumer confidence for June, the cabinet-associated think tank attributed the decline to a drop in confidence in prevailing economic policies, and the expectations of improvement of the qualify of life and economic status of family and society as a whole.

The report noted that the index of family income increased by 12.3 percent in June, compared to its level in April of this year.

The number of those who believe that their economic status is better than last year increased in June to 12.1 percent, compared to 10.1 percent in April.

The index of confidence in the prevailing economic policies decreased by about 7.9 percent last month compared to April. Those who believe that the country's economic situation is better than last year declined to 6.4 percent during June, compared to 7.4 percent in April.

The index that states living expectations and economic improvement for both families and society as a whole still occupies the highest value in June, compared to other indicators, but it declined by 0.5 percent compared to April.

The report showed that young people of between 18 and 30 are the most optimistic group when it comes to the improvement of the economic situation, scoring the highest percentage compared to other groups, and increasing by 0.5 percent compared to April.

Among the employed, government sector workers are the most optimistic regarding the development of the economic situation, although their confidence declined in June by 4.6 percent, when compared to April.

Edited translation from MENA.

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