According to preliminary figures issued by the General Authority for Statistics on Thursday, Saudi Arabia's economy expanded by 2.8% year on year in the third quarter, owing mostly to a robust increase in non-oil industries. The non-oil sector expanded by an astonishing 4.2%, while government activity surged by 3.1%. However, the oil sector expanded just by 0.3%. Saudi Arabia's GDP dropped in the second quarter, with oil activity falling nearly 9% year on year. On a quarterly basis, real GDP increased by 0.8%, demonstrating a modest rebound despite obstacles from reduced oil prices and pro
Indonesia has opened Southeast Asia's first electric vehicle (EV) battery plant, with robotic arms building nickel-based cells in West Java. This $1.1 billion factory, funded by Hyundai and LG, is anticipated to help Indonesia achieve its goal of becoming a regional EV production powerhouse. Former President Joko Widodo stated that such investments might position Indonesia as a vital player in the global EV supply chain by exploiting its world-class nickel reserves. However, analysts point out obstacles such as limited manufacturing capacity, environmental issues, and competition from alte
President Mohamed Muizzu has approved the implementation of India's Unified Payments Interface (UPI) in the Maldives, a key step towards modernising the country's financial sector. This step comes after India agreed to share its expertise in digital and financial services, such as UPI and Unique Digital Identity systems, with the goal of enhancing the island nation's digital infrastructure. According to an official statement from the Maldivian President's office, the introduction of UPI is projected to greatly benefit the country's economy by increasing financial inclusion, improving trans
On Saturday, India's Finance Minister, Nirmala Sitharaman, met with her Mexican counterpart, Rogelio Ramírez de la O, in Mexico City to strengthen economic cooperation between the two countries. During their discussion, Sitharaman congratulated Ramírez de la O on his reappointment as Secretary of Finance and Public Credit. She also complimented Mexico's economic stability over the previous six years due to prudent fiscal policies. The conversations focused on potential collaboration via India's dynamic startup environment, which Sitharaman believes might provide new solutions for both co
Bandar Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources is now on an official visit to Spain, where he has participated in a series of high-level conversations aimed at strengthening economic cooperation between the two countries. In Madrid, Alkhorayef met with Jordi Hereu, Spanish Minister of Industry and Tourism, and Carlos Cuerpo, Minister of Economy, Trade, and Business, to discuss ways to strengthen cooperation, notably in the industrial and mining sectors. During his conversation with Hereu, Alkhorayef emphasised Saudi Arabia's commitment to strengthening bilater
The International Monetary Fund (IMF) and Serbia have agreed on a 36-month agreement to support the country's ongoing economic reforms, the organisation stated on Wednesday. The agreement, known as a Policy Coordination Instrument (PCI), will help Serbia pursue reforms without providing direct financial aid. However, this arrangement may facilitate Serbia's ability to obtain loans from other financial organisations. The accord remains subject to approval by the IMF's executive board. This comes after Serbia signed a two-year, €2.4 billion ($2.6 billion) standby agreement with the IMF. Th
According to an economist poll, Argentina is projected to achieve its eleventh straight trade surplus in September, collecting a net $16.5 billion in hard currency since President Javier Milei took office in December. As per the reports, the country's trade surplus in September was $1.28 billion, despite facing triple-digit inflation, a prolonged recession, and depleted foreign currency reserves. Milei, a libertarian leader, has promised to overhaul Argentina's economy, and this run of trade surpluses contrasts with the deficits observed last year. Increased exports from important industri
The Union Cabinet has allocated Rs. 35,000 crore for the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) project, spanning the 15th Finance Commission Cycle until 2025-26. This move tries to maintain fair prices for farmers while keeping consumer costs stable. PM-AASHA combines the Price Support Scheme (PSS), Price Stabilisation Fund (PSF), Price Deficit Payment Scheme (PDPS), and Market Intervention Scheme (MIS) into a single program. Beginning with the 2024-25 season, the scheme will procure 25% of pulses, oilseeds, and copra at the Minimum Support Price. This season, Tur, Urad
Singapore's GDP grew significantly in the third quarter of 2024, increasing by 4.1% over the same period last year. Preliminary estimates from the Ministry of Trade and Industry (MTI) indicate that the manufacturing sector, which had recovered after two quarters of contraction, was primarily responsible for the increase. This amount exceeds the 2.9% growth rate achieved in Q2 2024. On a seasonally adjusted quarterly basis, the economy expanded by 2.1%, above the previous quarter's 0.4% growth. The manufacturing sector expanded 7.5% yearly, reversing a 1.1% decline in the second quarter.
On October 9, Reserve Bank of India (RBI) Governor Shaktikanta Das declared that an increase in UPI transaction limits would be implemented in order to improve digital payments. The adjustments include raising the UPI Lite wallet limit from ₹2,000 to ₹5,000 and raising the UPI 123Pay per-transaction limit from ₹5,000 to ₹10,000. By implementing these changes, UPI should be able to reach a wider audience and enable more people to use digital payments. The ability to conduct transactions without internet access with UPI 123Pay is very helpful for people who live in places with spotty