A protester waves an Egyptian flag amidst clashes in Tahrir Square (Photo: Reuters)
Egypt’s consumer confidence dropped seven index points to 76 from third to fourth quarter 2013.
The latest Nielsen Global Survey of Consumer Confidence showed that 86 percent of Egyptian respondents believed their country was in an economic recession in Q4 2013, the 9th highest level of recessionary sentiment worldwide.
According to Nielsen, Egyptians consumers are the most concerned in the world about political stability. Twenty-one percent of Egyptians are worried about terrorism; placing Egypt as the most worried about terrorism globally despite the fact that this is an improvement from 26 percent in Q3.
Nielsen Managing Director for Egypt and Levant, Tamer El-Araby commented on fluctuations and general concern, stating that "The Egyptian Consumer Confidence Index keeps fluctuating from one quarter to another due to the emotional and spontaneous responses to the on-going events and challenges. The long duration of instability and the rise of terrorism have definitely negatively impacted the general sentiments of Egyptians.”
During the period between October and December, Egypt saw hundreds dead and injured in the wake of the crackdown on the Muslim Brotherhood following the ouster of President Mohamed Morsi in July.
Oil-rich Gulf state, The United Arab Emirates was first in the Middle East and Africa in terms of consumer confidence and was followed by Saudi Arabia (101 points), Pakistan (97 points) and South Africa (86 points).
Despite its negative sentiment, Egyptians were also among the most optimistic across the 60 countries surveyed in the Nielsen report, believing that their country will be out of the economic stagnation within a year.
“Egyptian’s faith for a better tomorrow is big. Despite challenges, the country is moving ahead with high level of optimism and dedication,” commented El-Araby.
In January, Egypt's consumer confidence index rose with respect to the previous month, according to data released Sunday from the Egyptian cabinet's think tank, the Information and Decision Support Centre (IDSC).