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Food sector growing, but productivity down
United Arab Emirates
Wednesday 31 August 2011
MD
Ramadam sees more food purchases in the Arab world as families gather to break the daily fast.
There is a sharp rise in food costs and a decline in productivity during the month of Ramadan.
Ramadan is conducive to large family gatherings to break the daily fast, and food expenses tend to rise. Private consumption is an important driver of economic activity in the Arab world.
Professionals believe that the automotive, electronic , advertising and food sectors are driven by sales growth
. Consumer spending represents about 35% of the economy in Saudi Arabia, and 73% in Egypt.
Due to the reduction of working hours, the Gulf countries lose USD 5.8 billion in gross domestic product, according to a British study. The UAE lose $1.4 billion and Saudi Arabia $2.4 billion, due to the reduction to 6 hours per day during Ramadan.
Due to the reduction of working hours, the Gulf countries lose USD 5.8 billion in gross domestic product, according to a British study. The UAE lose $1.4 billion and Saudi Arabia $2.4 billion, due to the reduction to 6 hours per day during Ramadan.
source : gulfnews, emirates 24/7, onislamnet
