Economy Tunisia’s trade deficit jumps to $5.3bn in eight months of 2022 Tunisia’s balance of trade was in deficit by TND 16.9 billion ($5.32 billion) in the first eight months of 2022, an increase of 61 percent from a year earlier, mainly because of high energy prices, the state Institute of Statistics (INS) said on Monday. The trade deficit was TND 10.48 billion in the same period […] September 13, 2022
Economy Turkey’s foreign reserves boosted by friendly country support The Turkish central bank’s foreign currency reserves are getting stronger as friendly countries are providing support, President Tayyip Erdogan said, broadcaster Haberturk reported on Friday. The central bank’s reserves have come under pressure from its forex market interventions to support the Turkish lira and to meet government institutions’ forex needs. “Our central bank reserves started […] September 12, 2022
Economy Israel, Guatemala sign free trade agreement Israel and Guatemala on Thursday signed a free trade agreement that will include industry, food and agriculture goods, the Israeli Economy Ministry said. The ministry said the agreement will come into effect once it receives final ratification in Guatemala and Israel, whose trade reached $40 million in 2021 – an 11 percent rise from 2020. […] September 9, 2022
Economy Lebanon’s bid for IMF rescue package hits snags Five months after Lebanon’s draft International Monetary Fund (IMF) deal raised hopes it could finally pull together an economic reform plan to address its financial meltdown, political and financial elites are obstructing prospects of securing any rescue package. Efforts to enact eight reforms sought by the IMF are going nowhere or falling short, hitting resistance […] September 9, 2022
Economy Oman posts $2.65bn July budget surplus, as revenue rises 53% Oman’s general budget posted a surplus of OR 1.019 billion ($2.65 billion) by the end of July 202, compared to a deficit during the same period in 2021, state-owned Oman News Agency reported, citing a Ministry of Finance report. Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end due to an increase […] September 9, 2022
Economy Saudi Q2 GDP rises 12.2% amid high crude prices Saudi Arabia’s real gross domestic product rose 12.2 percent in the second quarter of 2022 year-on-year amid rising oil prices, according to the General Authority for Statistics. The second quarter growth figure beat the government’s flash estimate of 11.8 percent growth issued at the end of July. The economy grew 2.2 percent compared to the […] September 7, 2022
Economy Oman to open up new sectors as it targets $29bn investments New investment opportunities will be offered in food security, health, culture and sports sectors by next month, the Oman Daily Observer reported. The investment opportunities are part of the estimated OR 11 billion ($28.57 billion) in total investment, which is being offered to local and international players over the 2021-2025 period, said Aisha Al Saifi, […] September 7, 2022
Analysis Economy UAE businesses fear recession, despite positive economic data The United Arab Emirates’ non-oil private sector saw business activity reach a 38-month high in August. S&P Global’s monthly UAE Purchasing Managers’ Index (PMI) identified strengthening demand, a drop in costs, which was mainly due to the decline in fuel prices, a sharp uplift in new orders, rising job creation and even faster repayments for […] September 6, 2022
Economy Tunisia’s annual inflation rises to 8.6% in August 2022 Tunisia’s annual inflation jumped to 8.6 percent in August 2022 from 8.2 percent in July 2022, Agence Tunis Afrique Presse reported, citing the National Statistics Institute. Food prices went up 11.9 percent in August year-on-year, mainly due to the price rise of eggs, poultry, edible oils, fresh fruits and vegetables. The core inflation rate, excluding […] September 6, 2022
Economy Turkey’s inflation hits new 24-year high beyond 80% Turkey’s annual inflation climbed to a fresh 24-year high of 80.21 percent in August, a bit below expectations according to data on Monday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis. Inflation has raced higher since last autumn when the central bank gradually cut its policy rate by […] September 6, 2022
Analysis Truss appointment as UK PM is good news for Gulf, say experts Liz Truss is to be the UK’s next prime minister, after beating former chancellor Rishi Sunak in the contest to lead the Conservative Party. Truss secured 81,326 votes to Sunak’s 60,399 in a ballot of party members. She will take office on Tuesday after a meeting with the Queen. The new prime minister’s in-tray is […] September 5, 2022
Analysis Economy Chink of light shines on Lebanon’s economic gloom For nearly three years Lebanon’s economic meltdown has sunk the currency by more than 90 percent, spread poverty, paralysed the financial system and frozen depositors out of their savings. But new research released today suggests tentative signs of an improvement in private sector operating conditions. The August Blom Lebanon purchasing managers’ index (PMI) posted fractionally […] September 5, 2022
Economy Exports help Saudi non-oil sector hit 10-month high A sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high, boosting employment and sentiment for the year ahead. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil […] September 5, 2022
Economy No time to waste, worried Italian business leaders warn politicians Italy cannot afford weeks of political inertia after an election this month, business chiefs said, adding that sky-high energy prices are already forcing more and more firms to curtail production. Gathered on the shores of Lake Como for the annual Ambrosetti Forum this weekend, business owners lashed out at politicians for ousting Prime Minister Mario […] September 5, 2022
Economy Egypt non-oil activity continues to shrink, with weak outlook Non-oil private sector activity in Egypt shrank for the 21st month running in August, and businesses took a bleak view of the year ahead amid concerns over the currency, Ukraine and import bottlenecks, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) improved to 47.6 from July’s 46.4, but remained below […] September 5, 2022
Economy Turkey sees inflation to ease to 65% by 2022-end Turkey expects inflation to ease to 65 percent by the end of the year from nearly 80 percent in July, while the current account deficit is seen at $47.3 billion in 2022, government forecasts showed on Sunday. President Tayyip Erdogan’s new economic model has prioritised growth, exports, employment and investment while seeking to cut interest […] September 5, 2022
Economy Turkish trade deficit surges 162% to $11.3bn in August Turkey’s trade deficit jumped 161.8 percent year-on-year in August 2022 to $11.277 billion, the Trade Ministry said on Friday, as surging energy import costs continue to widen the shortfall. Turkey’s exports rose 13.2 percent to $21.341 billion in August, while imports jumped 40.8 percent to $32.618 billion, the data showed. In a speech, Trade Minister […] September 4, 2022
Economy UAE aims to sign free trade deal with Turkey in coming weeks The United Arab Emirates aims to finalise a free trade agreement with Turkey in the coming weeks, the Emirati trade minister said on Thursday, roughly four months after negotiations launched. “We are aiming to finalise the #UAETurkiyeCEPA in the coming weeks, and build deeper, more meaningful trade and investment ties with one of the region’s […] September 2, 2022
Economy Goldman Sachs raises Turkey 2022 GDP growth to 5.5% Goldman Sachs said on Thursday it had raised its forecast for Turkey’s 2022 GDP growth to 5.5 percent from 3.5 percent, while lifting its 2022 current account deficit forecast to $45 billion from $36 billion. It said the Turkish Central Bank’s forex reserves had risen sharply since the third week of June and that, with […] September 2, 2022
Analysis Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Economy Rising tax revenues helps shrink Tunisia’s H1 2022 budget deficit Tunisia’s budget deficit improved to TND470.8 million ($147.92 million) in H1 2022 from TND1.9 billion in the same period last year, state news agency TAP reported, citing the finance ministry. This lower deficit is mainly driven by higher budgetary resources, which grew to TND19.3 billion in June 2022 from TND15.8 billion in June 2021 as […] September 1, 2022
Economy Turkey’s economy grew 7.6% in Q2 driven by domestic demand Turkey’s economy grew 7.6 percent year-on-year in the second quarter as expected, extending a hot streak on strong domestic demand and exports, according to data on Wednesday, though economic activity was seen slowing through year end as demand cools. Gross domestic product (GDP) expanded 2.1 percent compared with the previous quarter on a seasonally and […] September 1, 2022
