UAE retail trade activity is significant index of growing contribution of retail in the UAE GDP, says Bawadi Mall

Al Ain, UAE, 12 May 2015

A regional retail expert said that according to Trading Economics, the consumer spending in the UAE increased to $ 168,031 million in 2013 from $ 150,480 million in 2012, as reported by the National Bureau of Statistics, UAE.

The same report says that the consumer spending in the U.S. rose to $ 10,972.10 billion in 2013, from $ 10,912.60 billion in 2012.

Bassam Saleh, Marketing Manager of Bawadi Mall added: "The US consumer spending is a way higher, given the higher US population of 317.3 million in 2013, compared to the UAE's population of 9.4 million, according to Trading Economics."

He added: "Consumer spending is defined as the amount of money spent by households in an economy. The spending includes durable and non-durable goods."

Saleh said that the report indicates that the consumer spending in the US increased to $10,972.10 billion in the third quarter of 2014, from $ 10,912.60 billion in the second quarter. Consumer spending in the United States averaged $ 5,064.49 billion from 1950 until 2014, reaching an all-time high of $ 10,972.10 billion in the third quarter of 2014 and a record low of $1,320.40 billion in the first quarter of 1950. Consumer spending in the United States is reported by the U.S. Bureau of Economic Analysis."

Saleh added that according to Bureau of Economic Analysis, Personal Consumption Expenditures, about a third of consumers' money goes towards goods. This includes so-called durable goods, such as washing machines, automobiles and furniture, as well as non-durable goods, such as groceries and clothing.

Trading Economics provides accurate information for 196 countries, including data for more than 300,000 economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices.

Saleh added that the UAE is one of the most developed countries in the Arab world and has one of world´s highest GDP per capita. The retail trade activity in the country is a significant index of the growing contribution of retail in the national GDP.

The international report says that the UAE, in an effort to diversify the economy and reduce the dependence on oil revenues, has been making huge investments in other sectors, including retail and shopping.

Bawadi Mall attracted over 1.3 million visitors in 2014 recording highest footfall since its inception. The  mall  is considered the ultimate shopping, dining, and leisure destination in the city of Al Ain. It was officially inaugurated by HH Sheikh Tahnoon Bin Mohammad Al Nahyan, Ruler's Representative for Eastern Province in April, 2009.

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© Press Release 2015