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Saudi Arabia Rockets Towards $250bn Trade Surplus
...RTHER Saudi Arabia is investing heavily to diversify its revenues and has successfully built up its tax base, but when it comes to export revenues, oil remains dominant at some 80% of the total. And oil revenues climbed to their highest level since at least 2014 in June according to the latest go...
Volume: 65Issue: 34Published at Fri, 26 Aug 2022 -
Algeria: More Output Declines, More Protests
...ficit for the first half of the year brings the total deficits racked up since the 2014 oil price crash to a whopping $53.1bn. Highlighting just how dependent Algeria is on its energy sector is the fact that the 6.6% year-on-year fall in export revenues in the first half was exactly the same as the fall in...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Record Products Sales And VAT Bolster Saudi Economy
...tting it on track for a full year figure of $22.2bn. This would be barely one third of last year’s deficit, the lowest since 2014’s $17.5bn and $30bn less than budgeted for. And this is despite spending being on track to come in just $4bn below the budgeted figure of $260.8bn, the highest since 2015 (se...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Oman Set To Shrink Deficit, But Not By Much
...% of Oman’s total export revenues. Presuming that non-hydrocarbon revenues and imports held roughly steady in Q2, the figures for oil and gas imply that Oman notched up a trade surplus of $2.56bn in the first half of 2017 the highest figure since 2014 when Oman notched up a $22.2bn trade surplus on th...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Egypt Secures Saudi-UAE Cash For IMF Facility
...volving further devaluation of the Egyptian pound. Egyptian officials reiterated this week that the government plans to end fuel subsidies within three years. This tallies with its earlier plan unveiled in July 2014 to phase out fuel subsidies over a period of five years. Spending on petroleum su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...om the sharp drop in oil prices, which began to take its toll in 2014, has delayed Baghdad’s payments to the IOCs, reducing their profit margins and leading to cuts in planned investments at the request of the Ministry of Oil. “Apart from the developments in Iraq, currently the IOCs are generally le...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...count surplus declined to 10.9% of GDP in 2014, but is expected to move into a small deficit (-0.9 of GDP) in 2015, before returning to surplus during 2016-20, the IMF adds. As for real GDP, the IMF is projecting it to slow to 2.8% in 2015 and to 2.4% in 2016, as government spending begin to adjust to lo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iran Stimulus Plan Approved As Debt Piles Up
...an (CBI) showed that GDP contracted by 1.9% in the Iranian year 1392 (March 2013-March 2014). In the preceding year, the growth rate was negative at 6.8%. The stimulus plan identifies several obstacles to economic revival, namely a shortage of financial resources, low domestic demand, falling in...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Kuwait Unveils New Five-Year Development Plan
...e new plan. As of January 2014, the Kuwait government had spent only 57% of the allocated expenditure in the current plan. Kuwait’s development process has suffered in the past few years from the absence of decision making, given the ongoing political bickering between the government and parliament. Fr...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Rohani Promises Iranians Better Days Ahead
...ES, 9 August). Iran’s real GDP fell 1.9% in 2012 and is projected to fall by a further 1.3% in 2013, before rising 1.1% in 2014, according to the IMF’s World Economic Outlook. Iranian Vice-President Ishaq Jahangiri has warned that about one-third of the Iranian budget for fiscal year ending on 20...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
Bahrain GDP To Hit 5.6%
...l production from Abu Sa’fa due to maintenance. The non-hydrocarbon sector is expected to rise by 4.4% in 2013. For 2014 real GDP is projected to grow by 4.0%. Due to its modest hydrocarbons endowments, Bahrain had managed to diversify its economy between 2000 and 2012, according to the Ye...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013