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Survey gauges consumer confidence in economy

MUSCAT: The National Centre for Statistics and Information’s (NCSI) Consumer Confidence Survey 2019, which began on September 2, intends to calculate the Index of Consumer Sentiment, which is a key measure of the state of economy. The survey, which concludes on September 12, is conducted over phone and is designed to assess the degree of satisfaction among the citizens regarding the Sultanate’s current economic status as reflected by inflation, employment opportunities, investment climate, economic policies pursued by the government and the cost of living, among others. It also gauges the extent of public optimism regarding economic development in the short-term (one year).

Consumer confidence index is a reflection of the behaviour of consumers. An increase in customer spending leads to a rise in demand for various goods and services. This results in increased production and rise in production facilities to meet the demand, which in turn aids the economic recovery process. On the contrary, a decline in consumer spending leads to an economic downturn. Thus, the consumer confidence index offers a futuristic idea about the direction of economic growth.

The sample size of the survey is 1,500, including nationals aged 18 or above, distributed across the 11 governorates of the country. The survey error margin is limited to 3 per cent. The survey assigns appropriate weight in terms of governorate, sex, educational levels (below secondary, secondary and above secondary), and age (less than 30 years, between 30 and 50, and above 50). NCSI will carry out quarterly surveys to follow up on the changes in indicator values. — ONA

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