Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3 percent. It said that after very strong growth in 2022 boosted by the World Cup, the...

The Emirates' non-oil sector is projected to grow by 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors, the bank's officials said.

On Monday, the European Commission boosted its 2023 economic growth outlook for the 20-country euro area by 0.2 points to 1.1 percent.

Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as announced in the 2023 Government Work Report (GWR). The report outlines the country's comprehensive economic and development tasks for the upcoming year, providing insights into the country's strategies to achieve...

The EBRD forecasts Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3.0 percent and citing the impact of "unorthodox" loose monetary policy alongside one of the world's highest inflation rates. The death toll of Turkey's worst disaster of modern times stands at more than 50,000 and...

Dead Sea, Jordan -- Almost 2 million people visited Jordan in first quarter of 2023, an 87.2 percent increase compared to the first third of 2022, the Tourism Minister of Jordan, Makram Qaisi said Monday. He said that the "tourism sector has begun to recover and grow at a high...

The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.

Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up by economic activity across all sectors. The conclusion was made in an annual report released by the Central Bank of the United Arab Emirates (CBUAE), which said that the UAE's...

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, unveiling a remarkable 9.3 percent  growth by the end of the year, compared to 2021. The new figures position the Emirate as the fastest-growing economy in the Middle...

DUBAI, UAE -  The private sector and financial institutions in the Middle East should enhance reporting by including information about how they both impact and depend upon nature and natural capital, says a report.    The report titled 'Nurturing Natural Capital: The Middle East Imperative' was released by the World Government...

Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023, compared to Q1 of 2022. Flash estimates of GDP for Q1 of 2023, issued in a report by the General Authority for Statistics (GASTAT), showed a 5.8 percent increase in...

Washington, United States - Improving trade relations between African countries could provide a major boost to economic output (GDP) across the continent and help tackle challenges like climate change, the International Monetary Fund said Friday. The new IMF report found that reforming the "fragmented" trade policy landscape and better implementating existing...

The company expects Q2 margins to remain under pressure.

A country that describes itself as a "start-up nation" now boasts of higher per capita GDP than many European countries. But amid success, there are many glaring inequalities.

Manama, Bahrain - Bahrain has reported a 4.09 percent increase in its real GDP in the fourth quarter of 2022 YoY, driven by a growth of 4.91 percent in the non-oil sector, as a result of its economic diversification initiatives. The high-achieving sectors include the financial corporations sector which grew...

ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would cooperate to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations. This partnership saves SMEs a significant amount of business operation time by...

Rabat has pledged that prices will soon fall, and announced several initiatives to tackle market speculation, but government spokesman Mustapha Baitas said the measures "have not had the expected results." In an attempt to stem the price rises, Rabat suspended exports of some products in early February, including tomatoes, to...

Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...

Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of Abu Dhabi, enhancing the emirate's regional and international competitiveness in various key sectors, QCC annual report for 2022 said. QCC reported that achievements last year spanned preparing and implementing conformity...

Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end of 2022, said the country's Minister of Economy Abdullah bin Touq Al Marri. He said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by...

The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation. Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7...

A total of 3049 new companies joined DMCC in 2022.

Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly due to government activities and private sector hiring, the kingdom's General Authority for Statistics said Thursday. Saudi Press Agency reported that despite the global economic challenges, including those prevailing in...

The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual target set by its Economic Recovery Plan that aims to enhance the economy's long-term competitiveness and support post-COVID recovery.

Mummies of dogs, goats, cows, gazelles and mongooses were also exhumed by a team of US archaeologists from New York University.

New Delhi, India - The GDP of the UAE went up by 7.6 percent in 2022 and the FDI inflows to the country amounted to US$171.6 billion, the UAE minister of economy Abdullah bin Touq Al Marri revealed in his speech at the CII Partnership Summit 2023, being held in...

Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings. The government set the economic growth target of "around five percent" this month, one of the lowest in decades as China...

The Chinese government has confirmed Yi Gang as governor of the People's Bank of China, against expectations that retirement-age Yi would step down, besides retaining other important top economic officials. The cabinet faces the task of revitalizing the Chinese economy, which last year expanded just three percent.

The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%, and manufacturing other than oil refining 8.6%.

A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the World Bank. The earthquake that struck on February 6 hit Turkey and Syria, devastating scores of cities and killing over 50,000 people in both countries. Millions need help with accommodation...

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024.

The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil.

Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year on a stronger note. Shares in Paris, Frankfurt and London were higher in mid-afternoon trading. US gross domestic product rose at an annual rate of 2.9 percent in the fourth...

Fitch and Capital Intelligence agencies also continued to rate Qatar's sovereign rating at the level of AA with a stable outlook, which reflects Qatar's strong creditworthiness.

The world's second-largest economy faced historic headwinds as 2022 drew to a close, with exports plunging last month due to a drop in global demand and rigid health restrictions that hammered economic activity.

Doha, Qatar-- Qatar's quarterly gross domestic product (GDP) at constant prices increased by 4.3 percent year on year in the third quarter of 2022. According to data released today by the Planning and Statistics Authority, the quarterly GDP at constant prices is estimated at QR 175.028 billion ($47.78 billion) in...

The world, according to the latest World Bank report, may be edging toward a global recession this year. Here is the GDP growth forecast for the GCC countries.

Tunis, Tunisia - Dozens of Tunisian lawyers protested on Thursday against newly imposed taxes on legal services, part of a 2023 budget that seeks to boost revenues to the cash-strapped treasury. Led by Bar Association head Hatem Mziou, lawyers gathered outside the Palais de Justice in Tunis as well as other...

The country profiles -- arranged in alphabetical order -- summarize recent data, presenting statistical narratives of a country that include economic, political, sociological, environmental, and cultural factors. The profiles also include their performance in 2022 and estimations for 2023.

The state, saddled with a crippling public wage bill and politically sensitive subsidies, is set to take in around 46.4 billion dinars ($14.8 billion), Boughdiri said. It will need to borrow some 23.5 billion dinars to cover state needs for the coming year, she added. To find the cash, it...

In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow its annual non-oil GDP by about seven percent.

Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the digital economy of the Gulf Cooperation Council (GCC) region is advancing at a rapid and significant pace, noting its major importance to GDP. He noted the importance of promoting cooperation...

In a statement, the World Bank slashed its forecast to 2.7 percent from 4.3 percent predicted in June. It also revised its forecast for next year from 8.1 percent down to 4.3 percent.

Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to the same period last year, driven by an increase in oil activities, according to a report released by the kingdom's General Authority for Statistics (GASTAT). GASTAT noted that the real...

The UAE's Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan has said that the Gulf country is determined to forge a world where prosperity is commonplace.

The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting upward revisions to retail spending and some forms of investment. GDP growth in the July to September period came in at 2.9 percent, annualized, better than the 2.6 percent figure...

In 2021, Turkey's economy rebounded from the COVID-19 pandemic to grow 11.4 percent.

Abu Dhabi, UAE -- NEXT50 today launched PLATFORM50, a one-stop-shop solution for organizations to maximize business value and address tomorrow’s challenges. The announcement was made at NEXT50’s inaugural Executive Day – which spotlighted the latest in state-of-the-art technologies including artificial intelligence (AI) and real-world applications accelerating a data-driven future in...

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit 11.7 percent compared to the same quarter last year, according to Statistics Centre-Abu Dhabi (SCAD).

COPENHAGEN, DENMARK - Denmark's autonomous Faroe Islands have renewed a fishing quota deal with Russia for one year despite Moscow's invasion of Ukraine, a local minister said on Saturday. "The Faroe Islands are totally right to extend their existing fishing agreement with Russia," the North Atlantic archipelago's minister of fisheries...