Tag: grew

  • Saudi economy grew by 3.9% in Q1 of 2023

    Saudi economy grew by 3.9% in Q1 of 2023

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    Riyadh: The Kingdom of Saudi Arabia’s economy grew by 3.9 per cent on an annual basis during the first quarter of 2023, compared to the same quarter of 2022.

    The non-oil activities led the Saudi economy to grow in the first quarter of 2023.

    According to data issued by the Saudi General Authority for Statistics (GASTAT), on Sunday, this increase was supported by the growth of non-oil activities by 5.8 per cent during the first quarter of this year compared to the same period in 2022.

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    Oil activities in the Kingdom grew by 1.3 per cent on an annual basis during the first quarter of this year.

    International Monetary Fund says the Saudi economy grew 8.7 per cent in 2022, but expects the kingdom’s GDP growth to drop to 3.1 per cent this year.

    The Kingdom, which is the largest oil exporter in the world, seeks to diversify its economy to reduce dependence on oil revenues and increase the contribution of the non-oil sector to the gross domestic product, as part of its Vision 2030.

    On April 25, Reuters predicted that the economies of the Gulf Cooperation Council (GCC) countries would grow at a much slower pace in 2023 compared to 2022. Because its resources were affected by the decline in revenues from crude oil sales and production cuts.

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    ( With inputs from www.siasat.com )

  • US economy grew at weak 1.1% rate in Q1 in sign of slowdown

    US economy grew at weak 1.1% rate in Q1 in sign of slowdown

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    The housing market, which is especially vulnerable to higher loan rates, has been battered. Consumer spending, which fuels roughly 70% of the entire economy, has softened. And many banks have tightened their lending standards since the failure last month of two major U.S. banks, making it even harder to borrow to buy a house or a car or to expand a business.

    Many economists say the cumulative impact of the Fed’s rate hikes has yet to be fully felt. Yet the central bank’s policymakers are aiming for a so-called soft landing: Cooling growth enough to curb inflation yet not so much as to send the world’s largest economy tumbling into a recession.

    There is widespread skepticism that the Fed will succeed. An economic model used by the Conference Board, a business research group, puts the probability of a U.S. recession over the next year at 99%.

    The Conference Board’s recession-probability gauge had hung around zero from September 2020, as the economy rebounded explosively from the COVID-19 recession, until March 2022, when the Fed started raising rates to fight inflation.

    Consumers, whose spending accounts for roughly 70% of U.S. economic output, seem to be starting to feel the chill. Retail sales had enjoyed a strong start in January, aided by warmer-than-expected weather and bigger Social Security checks. But in February and again in March, retail sales tumbled.

    The worst fears of a 2008-style financial crisis have eased over the past month. But lingering credit cutbacks, which were mentioned in the Fed’s survey this month of regional economies, is likely to hobble growth.

    Political risks are growing, too. Congressional Republicans are threatening to let the federal government default on its debts, by refusing to raise the statutory limit on what it can borrow, if Democrats and President Joe Biden fail to agree to spending restrictions and cuts. A first-ever default on the federal debt would shatter the market for U.S. Treasurys — the world’s biggest — and possibly cause a global financial crisis.

    The global backdrop is also looking bleaker. The International Monetary Fund this month downgraded its forecast for worldwide economic growth, citing rising interest rates around the world, financial uncertainty and chronic inflation. American exporters could suffer as a consequence.

    Still, the U.S. economy has surprised before. Recession fears rose early last year after GDP had shrunk for two straight quarters. But the economy roared back in the second half of 2022, powered by surprisingly sturdy consumer spending.

    A strong job market has given Americans the confidence and financial wherewithal to keep shopping: 2021 and 2022 were the two best years for job creation on record. And hiring has remained strong so far this year, though it has decelerated from January to February and then to March.

    The jobs report for April, which the government will issue on May 5, is expected to show that employers added a decent but still-lower total of 185,000 jobs this month, according to a survey of forecasters by FactSet.

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    ( With inputs from : www.politico.com )

  • Total amount of cess and surcharge grew by 63.74% from 2017-18 to 2022-23

    Total amount of cess and surcharge grew by 63.74% from 2017-18 to 2022-23

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    New Delhi: The total amount of cess and surcharge grew by 63.74 percent from 2017-18 to 2022-23 (RE), the Parliament was told on Monday.

    Collections under GST Compensation Cess grew by 107.6 percent from 2017-18 to 2022-23 (RE), Finance Minister Nirmala Sitharaman told the Lok Sabha in a written reply.

    The Minister saidthat in the case of GST Compensation Cess, the proceeds of the cess leviable is initially credited to the Consolidated Fund of India, in terms of Article 266 of the Constitution, and the funds are provided to the States/UTs through GST Compensation Fund created in Public Account of India as per provisions of the GST Compensation Act, 2017.

    In 2022-23, despite the collection of Rs 1,15,650 crore (till February 2022), a total amount of Rs 1,49,168 was released to the states/UTs. Further, during the FY(s) 2020-21 and 2021-22, the Union Government decided to borrow an amount of Rs 1.1 lakh crore and Rs 1.59 lakh crore to meet the shortfall in GST Compensation Cess collections and transferred the amount to the states as back-to-back loan to strengthen the states’ resources, the reply added.

    The surcharges levied by the government are not meant for any specific purpose. These are used, in general, for various activities of the government including public health, subsidies, education, interest payments, defence etc, added the reply.

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    ( With inputs from www.siasat.com )

  • Canada’s real GDP grew 3.8% in 2022

    Canada’s real GDP grew 3.8% in 2022

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    Ottawa: Canada’s real gross domestic product (GDP) grew 3.8 percent in 2022, the national statistical agency announced.

    Statistics Canada on Tuesday said that it indicated a 0.4 percent increase in real industry GDP in the fourth quarter of 2022 and a 0.1 percent increase in December, reports Xinhua news agency.

    In December, increases in the retail, utilities, and public sectors were offset by decreases in the wholesale, finance, and insurance, and mining, quarrying, and oil and gas extraction sectors, it said.

    Owing to its preliminary nature, these estimates will be updated on February 28 with the release of the official GDP data for December and the fourth quarter of 2022, Statistics Canada added.

    Canada’s GDP edged up 0.1 percent in November, following the same growth in October.

    Growth in services-producing industries was partially offset by a decline in goods-producing industries, Statistics Canada said, explaining that the removal of travel restrictions and rising interest rates continued to affect certain industries.

    On October 1, 2022, all Covid-19 border restrictions, including vaccination, mandatory use of the ArriveCAN app as well as any testing and quarantine requirements, were removed for all travelers entering Canada by land, air, or sea.

    This removal of restrictions continued to support gains in the transportation and warehousing sector in November.

    Meanwhile, interest rate hikes by the Bank of Canada over the course of 2022 continued to have an effect on the activity at offices of real estate agents and brokers, residential building construction, and legal services which have been trending downward since the spring, Statistics Canada said.

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    ( With inputs from www.siasat.com )

  • Ronna McDaniel wins a race for RNC chair that grew very messy by the end

    Ronna McDaniel wins a race for RNC chair that grew very messy by the end

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    “We need all of us,” McDaniel told committee members after calling Dhillon and Lindell to join her onstage. “We heard you, grassroots. We know. We heard Harmeet; we heard Mike Lindell… [W]ith us united and all of us joining together, the Democrats are going to hear us in 2024.”

    The committee meeting at the Waldorf Astoria Monarch Beach, a luxury seaside resort, illustrated the tense division within the Republican ranks that continue to exist months after the 2022 elections.

    Dhillon, whose firm represents former President Donald Trump, raised her profile over the last year with regular appearances on Fox News’ evening programs — garnering support in her bid for chair from a prominent cast of conservative commentators. That list included Tucker Carlson, Laura Ingraham and Charlie Kirk, who helped mobilize an army of grassroots activists to call and email RNC committee members, urging them to oppose McDaniel’s reelection. But those high-profile figures were not always a value add.

    On multiple occasions, on-the-fence members told Dhillon and her allies that they would be open to supporting her if Kirk weren’t one of her surrogates, said Oscar Brock, the national committeeman from Tennessee who was part of her team. Dhillon had assured concerned members that Kirk, a firebrand conservative figure, wouldn’t be part of RNC staff, should she win. But there was never a conversation among her whip team about asking Kirk to dial down his support.

    “There probably should have been,” Brock said. “But there wasn’t.”

    In an interview Friday, Kirk called McDaniel’s victory “a direct insult to the grassroots people that they send 10 emails a day to, begging for money.”

    “I think the RNC is going to have a lot of trouble raising small-dollar donations, a lot of trouble rebuilding trust,” Kirk said. “Going into 2024, the apparatus that should be a machine and clicking on all cylinders and firing on all cylinders is going to be in a trust deficit.”

    Kirk wasn’t the only Dhillon ally whose aggressive advocacy ended up turning off members of the committee. Caroline Wren, who most recently ran Kari Lake’s gubernatorial campaign in Arizona, got into a heated exchange with Georgia state Rep. Vernon Jones on Thursday night in the lobby of the Waldorf Astoria.

    According to three people familiar with the encounter, Wren, who has been Dhillon’s top adviser in her campaign for chair, told Jones: “Everyone knows you’re here fucking whipping votes for Ronna.” She proceeded to call him a “fucking sell out,” adding that, “the grassroots will never support you again.”

    A person familiar with the conversation said Wren had also approached Jones two other times this week, once while he was speaking with an RNC member, during which she called him “the fucking enemy,” and another time as Jones was speaking with Lake, during which she called him a “sellout.”

    Wren confirmed she was frustrated with Jones because he had previously said he would support Dhillon. But she downplayed the tenor of Thursday night’s conversation, adding that she even laughed at one point. Asked Friday about the encounter, Jones smiled and shrugged, saying, “there’s not much more to say.”

    In addition to relying on prominent conservative figures, Dhillon’s whip team also held calls once or twice weekly, said Brock. But several committee members in recent days said that calls and emails from Dhillon’s team had become too much, eventually solidifying their support for McDaniel.

    “I think Harmeet could have taken a different approach and said, ‘The RNC, it isn’t where we want to be. And here’s what it will be like when I become chair,’ without, you know, calling into question the motives of all the people that are a part of the organization,” said Paul Dame, the Vermont Republican Party chair who joined the committee in fall 2021. After remaining undecided for much of the chair race, Dame put his support behind McDaniel this week.

    Dhillon drew a last-minute nod of support from Ron DeSantis on Thursday, though it’s unclear whether it swayed any votes. The Florida governor’s decision to weigh in on the race stood in contrast to Trump.

    Despite choosing McDaniel as his RNC chair after his 2016 victory, the former president publicly stayed out of this year’s contest, though Dhillon said he sent her a text message through one of his advisers on Wednesday. In the text, Trump joked about disliking one of her endorsers (she declined to say who). Prior to that message, Dhillon hadn’t spoken with the former president since shortly after she announced her chair bid. She said that when she told Trump she was running, he remarked that McDaniel had also announced a campaign.

    “He said, ‘OK, well, that’ll be interesting,’” Dhillon recalled. “‘Good luck.’”

    While Trump stayed mum, his top aides were privately supporting McDaniel’s reelection bid — though advisers Chris LaCivita and Susie Wiles disputed the notion that they were whipping votes for her while meeting with members at the Waldorf Astoria in recent days.

    Ultimately, McDaniel’s team, with the help of allies, convinced members that a fourth term was earned even after the lackluster midterms. It left Dhillon’s supporters exasperated.

    “Ya got me,” said Bill Palatucci, the national committee member from New Jersey, about why his colleagues on the committee overwhelmingly backed McDaniel, despite multiple cycles of GOP disappointments. “That has been my speech to these people on email and via phone calls and meetings here. We just had this terrible midterm cycle, and you guys don’t want to make a change? For whatever reason, they have their heads buried in the sand.”

    McDaniel’s bid for a fourth term was a fight before it officially started.

    Former Rep. Lee Zeldin, the GOP gubernatorial nominee in New York whose race drew national attention for being closer than expected, floated his name for RNC chair shortly after the midterms. And Palatucci — upset by what he described as McDaniel’s brief “disaster” of a call with RNC members on Nov. 9 — emailed top RNC staff and some members his concerns. In the note, he wrote that McDaniel’s remarks “showed incredible unwillingness to face the reality of what happened last evening,” adding that he and other members “want a real, honest assessment of what happened.”

    When she formally announced her bid on Nov. 14, McDaniel held a lengthy call with members — taking questions and making her case for why she should continue in the role. McDaniel had previously told members in 2021 she would not seek another term after her third.

    By the end of the week, McDaniel had assembled a list of more than 100 members publicly supporting her. Just after Thanksgiving, she announced she was launching a “Republican Party Advisory Council” to “review” the party’s electoral performance in 2022.

    Last week, McDaniel sent members a document she called her “Vision for Unity,” which included plans to improve Republicans’ “legal ballot collecting” efforts, find new tactics for small-dollar fundraising that has suffered in recent years, and boosting the youth vote. In the document, first reported by POLITICO, McDaniel made an appeal to members who were inclined to support Dhillon, saying she would work with Dhillon and Lindell over the next two years in an effort to unite all corners of the GOP.

    “I look forward to uniting once again as a Party and working together, alongside Harmeet and Mike, to heal as a Party and elect Republicans,” McDaniel wrote.

    Rachael Bade contributed to this report.

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    ( With inputs from : www.politico.com )