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US deficit grows 13.6% in 2017, now 3.5% of GDP

Washington - Muslimchronicle

The US budget deficit grew to $666 billion in fiscal year 2017, up 13.6 percent from the year before, according to official data released Friday. The deficit now accounts for 3.5 percent of gross domestic product, up from 3.2 percent in 2016. "Growth in spending outpaced growth in tax receipts for the second year in a row as a resultRead more

Oil weighs heavily on MENA growth forecast: IMF

Dubai - Muslimchronicle

A massive slide in the economic growth of Middle East top oil exporters is weighing heavily on the outlook for the entire region, the International Monetary Fund said on Tuesday. “Fuel exporters are particularly hard hit by the protracted adjustment to lower commodity revenues,” the IMF said in its World Economic Outlook for October. Iran’s growth is forecast to slideRead more

IEA lifts five-year renewables forecast after record 2016

London - Muslimchronicle

The International Energy Agency (IEA) has raised its forecasts for renewable energy over the next five years following a record 2016, mainly driven by a surge in solar photovoltaic (PV) capacity in China, India and the US. In its medium-term renewables market report, the IEA expects global renewable electricity capacity to rise by more than 920 gigawatts, or 43 percent,Read more

Foreign remittances decline in January by 7%

Jeddah - Arab Today

Monthly foreign remittances have declined by 6.7 percent, down SR907 million ($24.18 million) from SR13.52 billion in December 2016 to SR12.61 billion in January. An Al-Eqtisadiya report reveals that January remittances, despite having declined, still remained high as compared to average remittances over the previous 12-month period of SR11.75 billion. Annual foreign remittances increased overall, the report reveals, by 4.86Read more

Seeks to achieve growth of about 30% in 2017

Cairo – Seham Ahmed

The Deputy Chairman of the Industrial Development and Workers Bank of Egypt (IDBE) Hamdi Azzam said that the bank seeks to achieve growth in all sectors by about 30% during the current year, explaining that the total bad debt portfolio of the bank amounted to EGP 1.1bn at the end of 2016, noting that the bank aims to settle 30Read more

IDBE seeks to achieve growth of about 30% in 2017

Cairo – Seham Ahmed

South Korean Economy Grew in Second Quarter

Seoul - QNA

South Korea’s economy grew 0.8 percent in the second quarter, revised data from the Bank of Korea showed on Friday. According to the data, the June quarter’s 0.8 percent expansion is marginally better than a 0.7 percent rise estimated earlier by the bank. In annual terms, growth was at 3.3 percent, also slightly above an earlier estimate of 3.2Read more

South Korean Economy Ridden with Downside Risks

Seoul - QNA

The South Korean economy is expected to attain 2.6% growth this year, the same rate recorded in 2015, as sluggish domestic spending and shrinking exports continue to weigh on Asia's fourth-largest economy, a local think tank said. Its growth will likely slow to 2.4% in the second half following an estimated 3% growth in the first half, the Korea InstituteRead more

Britain's Economy Grew by 2.2% During the Second Quarter of this Year

London - QNA

Economic growth sped up during the run-up to the Brexit referendum and reports state that the U.K. economy grew by 0.6% in the three months to the end of June 2016. According to reports, the Office of National Statistics revealed that GDP in the second quarter grew faster than expected up from 0.4% growth in the previous quarter, while onRead more

South Korea's Economy Grows 0.7% in Q2

Seoul - QNA

South Korea's economy posted improved growth in the second quarter on increased exports and consumption, central bank data showed Tuesday. In the three months that ended June 30, the country's gross domestic product (GDP) grew 0.7% from a quarter earlier, according to preliminary data from the Bank of Korea (BOK). The second-quarter estimate marks an improvement from a 0.5% on-quarterRead more