Saudi Arabia's real gross domestic product increased by 12.2% in the second quarter compared with last year's second quarter, according to data published on Wednesday. The kingdom, which is the world's largest oil exporter, gains an advantage due to escalating crude prices and a post-pandemic recuperation. The government had expected a growth of 11.8% at the end of July, but the growth figure in the second quarter exceeded the estimate. The economy improved by 2.2% from the first quarter. “The growth is mainly due to the high increase in oil activities by 22.9% y-o-y," the General Aut
The American services sector grew at a somewhat quick pace in August amid indications of easing supply issues and decelerating price gains, according to an industry survey released on Tuesday. The Institute for Supply Management's services index went up to 56.9 percent, a little above the July level, flouting expectations of a decline. The new orders index rose 1.9 percentage points, and employment jumped 1.1 points, ISM said, while prices went down 0.8. "The services sector had a slight uptick in growth for the month of August due to increases in business activity, new orders, and empl
In the last fiscal year, India's exports of goods and services surpassed USD 675 billion, and the country aims to increase international trade to USD 2 trillion by 2030, according to Commerce and Industry Minister Piyush Goyal. While speaking with faculty, researchers, and students at Stanford University here, Goyal said India's economy would be worth USD 30 trillion by the time it celebrates its 100th anniversary. He continued by saying, “In a business as usual scenario, when India will be celebrating its 100th anniversary of independence in 2047-2050, we will have a USD 30 trillion
In August, the non-oil private sector in Saudi Arabia grew faster than it had in October of last year as business activity improved. The Saudi Arabian S&P purchasing managers' index (PMI) for the entire economy rose to 57.7 in August from 56.3 in July, breaking above the series average of 56.8 since 2009. A reading above 50.0 indicates that activity is expanding. David Owen of S&P Global Market Intelligence wrote, “Saudi Arabia's PMI pointed to increased resilience in the non-oil economy during August as business activity and sales continued to grow strongly despite reports of
India’s gross domestic product (GDP) witnessed a two-digit growth of 13.5% in the first quarter of the 2022-2023 financial year at a time when powerful economies around the globe are finding it difficult and the giant Chinese economy is crawling towards a declining economic activity. The reason for India’s economic success is the carefully assessed implementation of fiscal and monetary measures announced by the Narendra Modi government after the 2020 COVID-19 outbreak in the country. Another reason for India’s good performance is the Modi government’s aim on protecting the po
Dubai’s property market surged in the first six months of 2022 as investors came in large numbers, with Russia being in the top five buyers list as the gulf country takes advantage of an influx of wealth due to Western sanctions. The first half of the year witnessed residential real estate transactions surge 60 percent with an 85 percent increase in the value of properties sold, property consultancy Betterhomes said in a report. The top five buyers belonged to India, the United Kingdom, Italy, Russia, and France, in that order, followed by Canada, the United Arab Emirates, Pakistan an
India has said it will help reinforce peace and prosperity in the Middle East and is confident to contribute significantly to economic growth, food security, and energy in the region and South Asia, through the newly formed I2U2 grouping. I2U2 comprises four countries India, Israel, the UAE, and the US. "I" stands for India and Israel and "U" for the US and UAE. Prime Minister Narendra Modi attended the coalition’s first virtual summit on July 14, alongside US President Joe Biden, Israeli Premier Yair Lapid, and UAE President Mohammed bin Zayed Al Nahyan. Modi said the organizat
More than 300 apartments in Almajdiah Residence's new Riyadh complex were sold for cash within a month, without the company having to advertise. As Saudi Arabia is the world's largest oil exporter, it's no wonder the property market is booming thanks to high energy prices. According to Almajdiah's CEO, Abdulsalam Almajed, the rush for the homes reflects more than just a property shortage; it reflects a social and economic shift accelerating the crown prince's overhaul initiative. Almajed said, "There has been a change in mindset”. He runs a family-owned development firm that caters to
A report by OPEC stated that the demand for petroleum products like petrol and diesel in India will rise by 7.73 percent in 2023. India's demand for oil products is expected to increase from 4.77 million barrels per day (BPD) in 2022 to 5.14 million BPD in 2023, as mentioned by OPEC in its monthly oil report. The demand rise is the fastest in the world, followed by 1.23 percent in China, 3.39 percent in the US, and Europe's 4.62 percent. After the US and China, India is the third largest oil importing and consuming country in the world. The demand for petroleum products in India is main
On Wednesday, U.S. officials announced that new trade talks would be launched with Taiwan, just days after the Biden administration excluded the Chinese-claimed island from its economic plan to counter China's influence in Asia. During a phone briefing, two senior U.S. administration officials told reporters that Washington and Taipei would "move quickly" to develop a roadmap for the planned US-Taiwan Initiative on 21st-Century Trade in the coming weeks. The initiative will be followed by in-person meetings in June in the US capital. The initiative will address the issues of customs fac