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Softening Oil Sector Puts Brakes On Saudi Growth
...in Q2 according to preliminary government figures, to 5.5% from Q1’s 5.4%. It has now notched up five consecutive quarters above 5% for the first time since 2014. However, given the extent to which the economy is dominated by the oil and gas sector – which is itself undergoing an extensive ca...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Qatar Export Revenues Soar Amid Tight LNG Market
...port revenues of $63.1bn – and ought to overtake 2021 full-year figures of $73.56bn during the current quarter. For 2022 as a whole a figure close to 2014’s $113bn hydrocarbon exports is on the cards. The eight-year high export figures pushed Qatar’s trade surplus up to $47.6bn over the first half of...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Qatar Export Revenues Soar To Highest Level Since 2018
...bn+/quarter days of 2014 when oil prices were around $100/B. While those prices remain a long way off, Qatar is investing heavily in a bid to boost export revenues substantially. Qatar earlier this year took FID on the four-train $28.75bn North Field East (NFE) expansion project which is slated to in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...gh of more than $80bn for 2018 as a whole (see chart 1). Still well down on the years to 2014 where Qatar racked up $130bn+ revenue. Provisional trade data show that Qatar’s export revenue rose to $20.8bn in 2Q 2018, the highest since the first quarter in 2015 (see chart 2). But these gains also sh...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Kuwait Fiscal Deficit Falls By 19% To $16bn For 2017-18
...y fall below $10bn. After recording successive budget surpluses since 2000, Kuwait in 2014-15 posted its first budget deficit of $8.9bn following the collapse in oil prices in mid-2014, and has yet to emerge from the red. CATCH 22 Total revenue in 2017-18 jumped by 20% in real te...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Saudi Reserves Down Again But Deficit Narrows
...Saudi foreign exchange reserves fell to $570bn in June, down 22% from their peak level of $732bn at the end of 2014, as the kingdom continues to raid its savings to maintain investment in its oil and non-oil economies, along with the expense of military operations in neighboring Yemen and in Sy...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
IMF Approves Morocco PLL
...ternal conditions. Morocco’s first PLL arrangement for about $6.21bn was approved in August 2012, while the second one for about $5bn was passed in July 2014 (MEES, 1 August 2014). Commenting on the latest facility, the IMF Deputy Managing Director Mitsuhiro Furusawa said that despite the di...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
UAE Takes The Lead In Scrapping Energy Subsidies
...nsumption of diesel and gasoline averaged 63,000 b/d and 73,000 b/d respectively in 2014. For 2014 as a whole the discount of pump prices for gasoline and diesel to international prices in effect cost the UAE authorities some $970mn. The Emirates National Oil Company (Enoc), the retailer owned by the Du...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Algeria Ducks Decisive Action With Supplementary 2015 Budget
...beit modest, cut falls on the capital budget, which is reduced by 2.8% (see table). The effect of weaker oil prices on Algeria’s fiscal balance is palpable, with the latest trade figures showing a deficit of $7.78bn, compared with a surplus of $3.17bn for the first half of 2015 (see table). The 2014...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Morocco Bags IMF, EU, Qatari Cash
...dustrial users and reduced the per-unit subsidy on diesel, with further reductions planned for the remainder of the year. Subsidies are to fall to MD35bn ($4.20bn) in 2014 (3.7% of GDP) from MD42bn ($5.04bn) in 2013 (4.7% of GDP), with a fall to 3% of GDP by 2017, according to the IMF and the Ministry of Ec...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Egypt To Extend Gas Grid With World Bank Help
...w Constitution,” World Bank Vice President for the MENA region Inger Andersen says. The loan to Tunisia is part of a $1.2bn 2014 World Bank financial package (MEES, 6 June). The package also includes up to $750mn to support government reforms and promote growth and job creation, $100mn for a cr...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Egypt’s New Budget Targets 14.5% Deficit Cut
...r a return to democracy by early 2014; and the recent containment of the government’s debt-financing costs, below post-revolution peaks. Moody’s added that the maintenance of the negative outlook on Egypt’s Caa1 rating is driven by Moody’s view of the country’s considerable economic and political ch...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013