RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third quarter of 2023, data issued by the General Authority for Statistics (GASTAT) showed. The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period. Non-oil activities increased...
World Bank anticipates 4.5% growth in UAE’s non-oil economy in 2023
Riyadh, Saudi Arabia - The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024. According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated...IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by 3.4 percent in 2023 and 4 percent in 2024. The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago. The...
China’s Country Garden wins vote on debt to avoid default, says media
BEIJING, CHINA - Chinese developer Country Garden has won approval from creditors to extend a deadline for a key bond repayment, narrowly avoiding a potential default, Bloomberg reported on Saturday. One of China's biggest builders, Country Garden had racked up debts estimated at 1.43 trillion yuan ($196 billion) by the end...Leather, knitwear industries contribute 2.4% to GDP, says JCI
AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said the sector contributes 2.4 percent of the gross domestic product directly. Qadri noted the sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3...
Qatari economy records 2.7% growth in Q1 2023
Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023 compared to the same period in 2022, according to data released by the country's Planning and Statistics Authority. The quarterly Gross Domestic Product (GDP) estimates at constant prices reached approximately...
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross domestic product (GDP) to stand at 3.5 percent in 2023, rising to 3.9 percent in 2024. In a statement to the Emirates News Agency (WAM), Bolliger shared the bank's positive...Fitch credit downgrade upsets US Treasury Secretary, shakes markets
Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA to AA+. The decision sparked a strong rebuttal from Washington and confused analysts. Despite recent rallies on hopes of a "soft landing" for the US economy and in-line job data,...
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium enterprises, renewable energy, technology, digital transformation and transportation, in light of their economic partnership and the capabilities," he adds.Saudi tourism sector’s GDP share roars to 4.45%: Minister
The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said adding that tourists may acquire Saudi tourist visas electronically. Already, visitors from 49 countries have been allowed to obtain electronic visas , since the launch of tourism...
China sets economic growth target of 5% in 2023
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...
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a mild recession brews while consumer spending weakens. Consumption provided a boost to the world's biggest economy, giving it a strong start to 2023, but banking sector turmoil and rising interest...US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net exports helped growth, said Rubeela Farooqi of High Frequency Economics.Dubai launches business group to promote renewable energy usage
The UAE Government will invest AED600 billion ($163.36bn) in renewable energy by 2050 to meet the country's growing energy demand from clean and sustainable resources.Transport employees in Tunisia stop work citing late salary
TUNIS, TUNISIA - Tram and bus workers in the Tunisian capital staged a strike over delays in salaries and the lack of an end-of-year bonus Monday, creating traffic jams across Tunis. The strike is the latest in a string of similar actions as Tunisia grapples with a grinding economic crisis, with...Lebanese PM urges sweeping reforms for reviving economy
Mikati said the economy had grown by nearly two percent in 2022 after two straight years of severe recession that saw Gross Domestic Product fall by 25.9 percent in 2020 and by 10.5 percent in 2021.Abu Dhabi’s GDP expands 11.2% in the first half of 2022: SCAD
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.US economy grows in third quarter this year
The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households.Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.
Jordan’s GDP grows 2.5 percent in Q1, hospitality sector biggest gainer
Jordan's Gross Domestic Product (GDP) at constant market prices grew by 2.5 percent in quarter one of 2022, compared to the figure in the same period of 2021. In a quarterly statistical report released Sunday, the Department of Statistics (DoS) said economic sectors rose in quarter one of the current...Central banks should not let inflation become a norm: BIS
Rise in prices has sharply accelerated since Russia's invasion of Ukraine in February, leading central banks to tighten their key rates sharply.
Iraq’s financial reserves may reach $40 billion by 2022 end: Official
Iraq's financial reserves are expected to reach $40 billion in case the current fiscal year ends without enacting a budget law, according to Mazhar Muhammad Salih, advisor to Iraq's Prime Minister Mustafa al-Kadhimi. Local media reports quoted Salih as saying that "it is not possible to pass any law by...
Saudi Q1 GDP grows by 9.6%
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent, with government services activities growing by 2.4 percent year-on-year.China economy grows 4.8% in first quarter as virus bites
The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.
UAE’s GDP beats expectations, grows at 3.8 percent
The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED 1.489 trillion. "In a turbulent and changing world, the UAE has been moving steadily forward,” Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said ...
Oman’s GDP rises by 16 percent in 2021, crude biggest contributor
Several other activities recorded an increase, namely transport and warehousing by 19.4 percent, wholesale and retail trade by 15.5 percent, real estate, professional, technical and administrative by 9.5 percent.
China sets lowest growth target in more than three decades
Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang.
Saudi real estate to contribute 9% to GDP by 2030
The Saudi real estate sector will contribute close to nine percent to the national gross domestic product by 2030, according to the kingdom Minister of Housing.Saudi economy grew 6.8% in Q4, 3.3% in 2021
The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).
S&P affirms Kuwait credit rating at A+ with negative outlook
"The government has almost exhausted the General Reserve Fund's liquidity", said the rating agency.Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current fiscal year as compared to the year-ago period.Where do Arab countries stand, according to GDP?
The most common way to quantify the economic health of a country is by calculating its gross domestic product (GDP).Qatar, Saudi Arabia lead GCC in education spend
Qatar and Saudi Arabia lead the GCC countries when it comes to spending on education.
