Economists

China will not set target to double GDP from 2021 — party official

Beijing - Muslimchronicle

China will not set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term. Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a news conference the government will not solely pursueRead more

US jobless claims up less than expected as labor market tightens

Washington - Muslimchronicle

The number of Americans filing for unemployment benefits increased less than expected last week, suggesting the labor market continued to tighten after recent hurricane-related disruptions. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 233,000 for the week ended October 21, the Labor Department said on Thursday. Claims fell to 223,000 in the prior week, which wasRead more

Jobless drop, retail sales fall paint mixed picture of German economy

Berlin - Muslimchronicle

Germany’s jobless rate fell to a new record low in September and the number of unemployed people fell far more than expected but retail sales disappointed, sending mixed signals about the state of Europe’s largest economy. The unemployment rate dropped to 5.6 percent, the lowest level since reunification in 1990, after 5.7 percent in August, data on Friday from theRead more

UK consumer credit picks up in August

London - Muslimchronicle

Consumer lending in Britain rebounded in August and rose by the largest amount in three months, Bank of England figures showed on Friday, shortly after Governor Mark Carney said banks had been lending too much. Consumer credit increased by £1.583 billion (SR7.97 billion) last month, compared with a rise of £1.166 billion in July. A Reuters poll of economists hadRead more

Economists remain positive about Saudi retail sector

Jeddah - Arab Today

Economists remains positive on the organized retail sector in Saudi Arabia, which benefited from market share gains in the past, according to a report. This trend is likely to continue due to their better positioning in terms of economies of scale, better supplier terms and balance sheet strength, Al-Rajhi Capital’s research team said in its latest report. Al-Rajhi Capital, theRead more

UK Consumer Sales Dip in August

London - QNA

UK retail sales deteriorated unexpectedly in August, clocking the weakest performance in two years, according to a monthly report from the British Retail Consortium and KPMG. Total sales fell 0.3 % year on year in August, compared with a 1.9 % gain in July. Excluding Easter distortions, that is the weakest monthly performance since September 2014. Like-for-like sales fellRead more

$10bn boost: Global bond sale plans hailed

Jeddah - Arab Today

Economists see considerable benefits for the Kingdom from the government’s plans to issue at least $10 billion worth of bonds in early October in its first international bond sale. Saudi Arabia’s low debt-to-GDP ratio provides it with ample room to grow its bond issuance program in a relatively lower rate environment, said John Sfakianakis, director of economic research at theRead more

Flagging non-oil business dampens outlook for Gulf

Dubai - Arab Today

Economists have cut growth forecasts for most of the oil exporting countries of the Gulf as non-oil business activity slows because of government austerity measures, a quarterly Reuters poll found. Last year, growth in the six-nation Gulf Cooperation Council began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil. This year, those austerityRead more

German economy ‘proves resilient’ after Brexit vote

Berlin - Arab Today

German business morale fell only slightly in July, a benchmark survey showed, suggesting Europe's largest economy has weathered the immediate storm from Britain's vote to leave the European Union. But fallout from Brexit, as well as strains to the social fabric caused by four high-profile acts of violence on German soil in the past week, could take their toll onRead more

Brexit: Saudi investments in Britain face hard times

Riyadh - Arab Today

Economists expect hard times for Saudi investments in Britain in the light of the fact that the UK is set to pull out of the European Union. They say British pullout will negatively affect its economy in the short and medium terms. The UK is considered one of the main countries for Saudi foreign investments in shares, special bonds, andRead more