Economy Cyprus approves balanced budget with expenditure of $9bn in 2023 Cyprus on Thursday approved the island’s 2023 budget, the last of the government of incumbent centre-right President Nicos Anastasiades who will step down after elections in February. The 56-member House of Representatives voted for the budget with a government-backed majority. It puts spending at €8.456 billion ($8.89 billion) on revenue of 8.452 billion. Lawmakers of […] December 9, 2022
Economy Egypt inflation rises to 5-year high of 18.7% in November 2022 Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday. The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency […] December 9, 2022
Economy Dubai approves 2023-25 budget with a spend of $56bn Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the spending of AED 205 billion ($55.81 billion) between 2023 and 2025. The emirate will spend AED 67.5 billion ($18.38 billion) next year, with revenues expected at AED 69 billion, implying a surplus of AED 1.5 billion. Oil revenues will represent only about five percent of […] December 9, 2022
Analysis Economy Saudi and China sign 34 deals on first day of President Xi’s visit Saudi and Chinese companies signed 34 investment agreements on Wednesday as President Xi Jinping started his visit to the kingdom. The agreements further bolstered trade between the countries which last year exceeded Riyadh’s with the US and Europe combined for the first time. Bilateral trade between Saudi Arabia and China totalled SAR304 billion ($81 billion) in […] December 8, 2022
Economy Saudi 2023 surplus to narrow amid global uncertainty Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84 percent from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues. The kingdom approved a SAR 1.114 trillion ($296 billion) budget for 2023 on Wednesday, forecasting a […] December 8, 2022
Economy UAE’s non-oil foreign trade hits record high of $159bn The UAE’s non-oil foreign trade reached AED583 billion ($159 billion) in the third quarter of this year – a record in any financial quarter for the country. The figure represents an 11 percent increase on Q2 2022 and a 23 percent rise from the same period last year. “Importantly, our Q3 exports hit AED97 billion […] December 7, 2022
Opinion Economy Impact of EU sanctions for European companies in the Gulf GCC entities navigate a legal minefield if seen to be assisting EU companies in breaching sanctions against Russia December 7, 2022
Economy Lebanon economy ‘on hold’ after fleeting summer resurgence Lebanon’s private sector cut jobs in November as declining orders spurred companies to reduce spending amid prolonged political uncertainty, according to the latest purchasing manager’s index (PMI) report. The BLOM Lebanon PMI slumped to a seven-month low of 48.1 last month, down from 49.1 in October. A reading above 50.0 shows improving business conditions, while […] December 6, 2022
Economy Turkey’s inflation falls below 85% after a 17-month surge Turkey’s official inflation rate eased to 84.4 percent in November, its first fall in 17 months, in a sign that the economic upheaval caused by President Tayyip Erdogan’s unorthodox policies could moderate in time for elections in six months. The annual rate was just below forecast at 84.39 percent, down from a 24-year high of […] December 6, 2022
Economy UAE to launch free trade talks with Ukraine The UAE is launching negotiations for a free trade deal with Ukraine. Dr Thani Bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, and Yulia Svyrydenko, Ukraine’s first deputy prime minister and economy minister, issued a statement signalling their plan to work towards a comprehensive economic partnership agreement. The CEPA (Comprehensive Economic […] December 5, 2022
Economy Egypt private sector shrinks in November after devaluation Egypt’s non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 […] December 5, 2022
Economy Philippines trims 2023 GDP growth target due to global risks The Philippines on Monday lowered its economic growth target for 2023, taking into account an anticipated weakening in global activity, but retained its expansion goals for the succeeding five years. The Southeast Asian nation’s economy is now expected to grow 6-7 percent next year, a lower and narrower range compared with the previous official goal […] December 5, 2022
Economy Saudi non-oil business activity expands at fastest rate in 7 years Saudi Arabia’s non-oil business activity expanded at the fastest rate in seven years in November, supported by a sharp rise in new orders and continued confidence in the growth outlook, a survey showed on Monday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index rose to 58.5 in November, from 57.2 in October, the […] December 5, 2022
Economy Bank of England warns of deeper and longer recession Bank of England rate-setter Swati Dhingra said in an interview published on Saturday that higher interest rates could lead to a deeper and longer recession, adding there were few signs that demands for higher wages risked a wage-price spiral. While most of her colleagues backed a 75 basis-point hike to three percent last month, Dhingra […] December 4, 2022
Economy Egypt’s economy may grow 5% on high public investments Egypt’s economy is expected to achieve overall growth of around five percent by the end of the current fiscal year, Ahram Online reported, citing minister of planning and economic development Hala El-Said. The anticipated growth is attributed to the resilience shown by the Egyptian economy due to the expansion in public investments, she said in […] December 2, 2022
Economy Mexico to hike minimum wage by 20% in 2023 Mexico will raise the minimum wage by 20 percent next year after employers, labour representatives and the government reached an agreement, officials said on Thursday, although some critics warned the move could fuel inflation. The standard minimum wage will rise to around 207 pesos ($10.82) a day from 172.87 pesos ($9.03) a day, labour minister […] December 2, 2022
Economy Cuba says Turkey and other allies pledge to end economic crisis China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban president Miguel Diaz-Canel told state-run media following a rare trip abroad last week. The Communist-run country has yet to recover from a precipitous drop in output during the coronavirus pandemic and […] December 1, 2022
Economy Turkey’s economy up 3.9% on last year but growth is slowing Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a […] December 1, 2022
Economy Egypt’s net foreign assets continued to decline in October Egypt’s net foreign assets (NFAs) fell by EGP 109.9 billion ($4.47 billion) in October, extending a decline that began in September 2021, central bank data showed. The decrease works out to about $228 million after calculating for devaluations during October. Russia’s invasion of Ukraine in February sparked a currency crisis that led to Egypt to […] December 1, 2022
Economy Jordan’s draft budget forecasts lower deficit Jordan’s finance minister Mohamad Al Ississ said on Wednesday that their draft budget for 2023 forecasts 11.4 billion dinars ($16 billion) in state expenditure as the economy’s recovery gathers pace. Al Ississ said in a statement the budget deficit was expected to fall to 2.9 percent of GDP next year from 3.4 percent this year […] December 1, 2022
Economy Syria steps up fuel rationing as shortages hit mobile network Syria announced on Tuesday it would cut the amount of fuel it provides to government employees to help address shortages that have knocked out a number of mobile phone towers. Prime Minister Hussein Arnous ordered a 40 percent cut in the amount of fuel provided to government employees and restrictions on official travel for non-urgent […] November 30, 2022
Economy Turkish trade deficit surges 422% in October 2022 Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, with imports climbing 31.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose three percent to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […] November 30, 2022
