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  •   The Ministry of Finance Planning and Economic Development has assured Parliament of Government plans to rationalise tax incentives to realize its efficient and effective implementation This was revealed by officials from the Finance Ministry led by the State Minister for Planning Amos Lugoloobi who were appearing before the Committee on Finance over Uganda Tax Expenditures Report for FY 2020 2021 to 2021 2022 on Thursday 01 December 2022 Over time Parliament has been concerned about the rising tax expenditures and called for a legal tax review and comprehensive evaluation of the benefits of tax exemptions given to investors for the last 10 years The Permanent Secretary Secretary to the Treasury Ramathan Ggoobi told the committee that government is implementing a Tax Expenditures Rationalisation Plan over the medium term to streamline tax incentives We are aware of the weaknesses we have been having in the way we have been managing these tax expenditures and we have put in place a tax expenditure rationalization plan with the help of our development partners specifically the International Monetary Fund Ggoobi said AUDIO Ggoobi According to Ggoobi the rationalisation plan will entail criteria of choosing beneficiaries timeframe and the purpose of the tax incentive and also sunset clauses which will inform the investors who intend to benefit of their obligations which must be met on time This rationalisation plan will also help in cost benefit analysis We shall be able to tell the number and nature of jobs provided through the tax incentives and also contribute to our import substitution strategy he said However Ggoobi noted that this tax expenditure rationalization plan is not to stop tax incentives but to ensure that they are actually effective and beneficial to the economy In FY 2023 2024 Government proposes to review tax expenditures on capital incomes unify tax rate on capital income and review exemptions on supplies of some machinery tools and input suitable for use in agriculture For the last three financial years Government has forgone revenue amounting to Shs11 7 trillion on tax incentives According to the Finance Committee this is extremely high and could be disastrous to the country s Gross Domestic Product GDP We need the Ministry of Finance to lay evidence that we are having benefits as a result of these tax expenditures We need to reduce tax expenditures like Kenya has done so in the past five years Committee Chairperson Hon Keefa Kiwanuka said Minister Lugoloobi said since Government introduced tax incentives in the 1990s key objectives of the Domestic Revenue Mobilisation Strategy have been met such as reduced importation of products employment and an increase in locally manufactured products among others Hon Jane Avur Pacuto NRM Pakwach district said whereas the rationalization plan is a move in the right direction the Ministry of Finance needs to tighten the grip on investors who receive incentives but do not show tangible results over time AUDIO Hon Pacuto
    Uganda: Government Plans to Rationalise Tax Incentives Next Year
      The Ministry of Finance Planning and Economic Development has assured Parliament of Government plans to rationalise tax incentives to realize its efficient and effective implementation This was revealed by officials from the Finance Ministry led by the State Minister for Planning Amos Lugoloobi who were appearing before the Committee on Finance over Uganda Tax Expenditures Report for FY 2020 2021 to 2021 2022 on Thursday 01 December 2022 Over time Parliament has been concerned about the rising tax expenditures and called for a legal tax review and comprehensive evaluation of the benefits of tax exemptions given to investors for the last 10 years The Permanent Secretary Secretary to the Treasury Ramathan Ggoobi told the committee that government is implementing a Tax Expenditures Rationalisation Plan over the medium term to streamline tax incentives We are aware of the weaknesses we have been having in the way we have been managing these tax expenditures and we have put in place a tax expenditure rationalization plan with the help of our development partners specifically the International Monetary Fund Ggoobi said AUDIO Ggoobi According to Ggoobi the rationalisation plan will entail criteria of choosing beneficiaries timeframe and the purpose of the tax incentive and also sunset clauses which will inform the investors who intend to benefit of their obligations which must be met on time This rationalisation plan will also help in cost benefit analysis We shall be able to tell the number and nature of jobs provided through the tax incentives and also contribute to our import substitution strategy he said However Ggoobi noted that this tax expenditure rationalization plan is not to stop tax incentives but to ensure that they are actually effective and beneficial to the economy In FY 2023 2024 Government proposes to review tax expenditures on capital incomes unify tax rate on capital income and review exemptions on supplies of some machinery tools and input suitable for use in agriculture For the last three financial years Government has forgone revenue amounting to Shs11 7 trillion on tax incentives According to the Finance Committee this is extremely high and could be disastrous to the country s Gross Domestic Product GDP We need the Ministry of Finance to lay evidence that we are having benefits as a result of these tax expenditures We need to reduce tax expenditures like Kenya has done so in the past five years Committee Chairperson Hon Keefa Kiwanuka said Minister Lugoloobi said since Government introduced tax incentives in the 1990s key objectives of the Domestic Revenue Mobilisation Strategy have been met such as reduced importation of products employment and an increase in locally manufactured products among others Hon Jane Avur Pacuto NRM Pakwach district said whereas the rationalization plan is a move in the right direction the Ministry of Finance needs to tighten the grip on investors who receive incentives but do not show tangible results over time AUDIO Hon Pacuto
    Uganda: Government Plans to Rationalise Tax Incentives Next Year
    Africa5 days ago

    Uganda: Government Plans to Rationalise Tax Incentives Next Year

    The Ministry of Finance, Planning, and Economic Development has assured Parliament of Government plans to rationalise tax incentives to realize its efficient and effective implementation.

    This was revealed by officials from the Finance Ministry led by the State Minister for Planning, Amos Lugoloobi, who were appearing before the Committee on Finance over Uganda Tax Expenditures Report for FY 2020/2021 to 2021/2022 on Thursday, 01 December 2022. 

    Over time, Parliament has been concerned about the rising tax expenditures and called for a legal tax review and comprehensive evaluation of the benefits of tax exemptions given to investors for the last 10 years. 

    The Permanent Secretary/ Secretary to the Treasury, Ramathan Ggoobi, told the committee that government is implementing a Tax Expenditures Rationalisation Plan over the medium term to streamline tax incentives. 

    “We are aware of the weaknesses we have been having in the way we have been managing these tax expenditures and we have put in place a tax expenditure rationalization plan with the help of our development partners, specifically the International Monetary Fund,” Ggoobi said. 

    AUDIO: GgoobiAccording to Ggoobi, the rationalisation plan will entail criteria of choosing beneficiaries, timeframe, and the purpose of the tax incentive and also sunset clauses which will inform the investors who intend to benefit of their obligations which must be met on time.

    “This rationalisation plan will also help in cost-benefit analysis.

    We shall be able to tell the number and nature of jobs provided through the tax incentives and also contribute to our import substitution strategy,” he said.

    However, Ggoobi noted that this tax expenditure rationalization plan is not to stop tax incentives, but to ensure that they are actually effective and beneficial to the economy. 

    In FY 2023/2024, Government proposes to review tax expenditures on capital incomes, unify tax rate on capital income, and review exemptions on supplies of some machinery, tools, and input suitable for use in agriculture. 

    For the last three financial years, Government has forgone revenue amounting to Shs11.7 trillion on tax incentives.

    According to the Finance Committee, this is extremely high and could be disastrous to the country’s Gross Domestic Product (GDP). 

    “We need the Ministry of Finance to lay evidence that we are having benefits as a result of these tax expenditures.

    We need to reduce tax expenditures like Kenya has done so in the past five years,” Committee Chairperson, Hon Keefa Kiwanuka, said.

     Minister Lugoloobi said since Government introduced tax incentives in the 1990s, key objectives of the Domestic Revenue Mobilisation Strategy have been met such as reduced importation of products, employment, and an increase in locally manufactured products among others. 

    Hon Jane Avur Pacuto (NRM, Pakwach district) said whereas the rationalization plan is a move in the right direction, the Ministry of Finance needs to tighten the grip on investors who receive incentives but do not show tangible results over time. 

    AUDIO: Hon. Pacuto

  •   The strong recovery of the Seychellois economy has continued in 2022 led by a rebounding tourism sector Growth is uneven across other sectors of the economy The government has made significant progress in restoring macroeconomic balances and performance under the EFF program is strong Maintaining the buildup of buffers against shocks while protecting the most vulnerable people remains critical in the current global environment The executive Board of the International Monetary Fund IMF completed today the third review of Seychelles economic performance under the 32 month Extended Fund Facility EFF arrangement that was approved on July 29 2021 The completion of the review allows the authorities to draw the equivalent of SDR 6 5 million about 8 6 million bringing total disbursements under the current EFF to SDR 61 million about 80 6 million The Executive Board s decision was taken on a lapse of time basis 1 Seychelles economic recovery has remained very strong in 2022 fueled by a faster than expected rebound of the tourism sector At end September 2022 tourist arrivals were 125 percent higher than the same period in 2021 with stronger than expected demand from Europe and the Middle East The recovery is mostly concentrated in tourism related industries Real GDP growth is expected to reach 10 6 percent in 2022 before moderating to 5 4 percent in 2023 Inflation has been relatively low 3 0 percent year on year at end September 2022 reflecting the effects of currency appreciation in 2021 and earlier this year as well as the base effect of higher inflation in 2021 Average inflation is expected decline to 3 0 percent for 2022 before rising to 4 5 percent in 2023 reflecting higher import prices and a fading of the cushion provided by the lagged effect of the rupee appreciation The recovery has been accompanied by a significant fiscal consolidation and social support for the most vulnerable The primary fiscal deficit in 2022 is expected to narrow to 1 1 percent of GDP reflecting an extraordinary consolidation of 13 6 percentage points over the last two years Risks to debt sustainability have been significantly reduced with the public debt to GDP ratio expected to decline to about 68 percent at end 2022 a 21 percentage point reduction in two years In 2023 and over the medium term the primary balance will shift to a surplus as revenue measures will more than compensate for the planned increase in capital expenditure The government has provided social support for the population including through a program of targeted temporary cash transfers to protect the most vulnerable from rising food and fuel prices which is expected to run through early 2023 Program performance remains strong All end June 2022 quantitative performance criteria QPCs and indicative targets ITs as well as all end September 2022 ITs were met Good progress was made toward structural benchmarks although some were implemented with a delay due to capacity constraints The economic outlook while positive remains subject to risks including a worsening of economic prospects in many of Seychelles key tourist markets Russia the European Union and the United Kingdom high food and fuel prices and their effect on the most vulnerable a resurgence of COVID 19 higher than expected inflation and higher non performing loans from legacy forborne loans Climate related shocks remain as medium and long term risks The authorities near term priorities are to support the post pandemic recovery and maintain debt sustainability as well as address the impacts of rising food and fuel prices on the most vulnerable Over the medium term the authorities measures aim to increase revenues and bolster capital expenditure with a focus on climate change mitigation and adaptation In addition the structural reform agenda prioritizes revenue administration public financial management and governance including digitalization and state owned enterprise reform 1 The Executive Board takes decisions under its lapse of time procedure when a proposal can be considered without convening formal discussions
    International Monetary Fund (IMF) Executive Board Completes Third Review Under the Extended Fund Facility for Seychelles
      The strong recovery of the Seychellois economy has continued in 2022 led by a rebounding tourism sector Growth is uneven across other sectors of the economy The government has made significant progress in restoring macroeconomic balances and performance under the EFF program is strong Maintaining the buildup of buffers against shocks while protecting the most vulnerable people remains critical in the current global environment The executive Board of the International Monetary Fund IMF completed today the third review of Seychelles economic performance under the 32 month Extended Fund Facility EFF arrangement that was approved on July 29 2021 The completion of the review allows the authorities to draw the equivalent of SDR 6 5 million about 8 6 million bringing total disbursements under the current EFF to SDR 61 million about 80 6 million The Executive Board s decision was taken on a lapse of time basis 1 Seychelles economic recovery has remained very strong in 2022 fueled by a faster than expected rebound of the tourism sector At end September 2022 tourist arrivals were 125 percent higher than the same period in 2021 with stronger than expected demand from Europe and the Middle East The recovery is mostly concentrated in tourism related industries Real GDP growth is expected to reach 10 6 percent in 2022 before moderating to 5 4 percent in 2023 Inflation has been relatively low 3 0 percent year on year at end September 2022 reflecting the effects of currency appreciation in 2021 and earlier this year as well as the base effect of higher inflation in 2021 Average inflation is expected decline to 3 0 percent for 2022 before rising to 4 5 percent in 2023 reflecting higher import prices and a fading of the cushion provided by the lagged effect of the rupee appreciation The recovery has been accompanied by a significant fiscal consolidation and social support for the most vulnerable The primary fiscal deficit in 2022 is expected to narrow to 1 1 percent of GDP reflecting an extraordinary consolidation of 13 6 percentage points over the last two years Risks to debt sustainability have been significantly reduced with the public debt to GDP ratio expected to decline to about 68 percent at end 2022 a 21 percentage point reduction in two years In 2023 and over the medium term the primary balance will shift to a surplus as revenue measures will more than compensate for the planned increase in capital expenditure The government has provided social support for the population including through a program of targeted temporary cash transfers to protect the most vulnerable from rising food and fuel prices which is expected to run through early 2023 Program performance remains strong All end June 2022 quantitative performance criteria QPCs and indicative targets ITs as well as all end September 2022 ITs were met Good progress was made toward structural benchmarks although some were implemented with a delay due to capacity constraints The economic outlook while positive remains subject to risks including a worsening of economic prospects in many of Seychelles key tourist markets Russia the European Union and the United Kingdom high food and fuel prices and their effect on the most vulnerable a resurgence of COVID 19 higher than expected inflation and higher non performing loans from legacy forborne loans Climate related shocks remain as medium and long term risks The authorities near term priorities are to support the post pandemic recovery and maintain debt sustainability as well as address the impacts of rising food and fuel prices on the most vulnerable Over the medium term the authorities measures aim to increase revenues and bolster capital expenditure with a focus on climate change mitigation and adaptation In addition the structural reform agenda prioritizes revenue administration public financial management and governance including digitalization and state owned enterprise reform 1 The Executive Board takes decisions under its lapse of time procedure when a proposal can be considered without convening formal discussions
    International Monetary Fund (IMF) Executive Board Completes Third Review Under the Extended Fund Facility for Seychelles
    Africa5 days ago

    International Monetary Fund (IMF) Executive Board Completes Third Review Under the Extended Fund Facility for Seychelles

    The strong recovery of the Seychellois economy has continued in 2022, led by a rebounding tourism sector.

    Growth is uneven across other sectors of the economy.

    The government has made significant progress in restoring macroeconomic balances and performance under the EFF program is strong.

    Maintaining the buildup of buffers against shocks, while protecting the most vulnerable people remains critical in the current global environment.

    The executive Board of the International Monetary Fund (IMF) completed today the third review of Seychelles’ economic performance under the 32-month Extended Fund Facility (EFF) arrangement that was approved on July 29, 2021.

    The completion of the review allows the authorities to draw the equivalent of SDR 6.5 million (about $8.6 million), bringing total disbursements under the current EFF to SDR 61 million (about $80.6 million).

    The Executive Board’s decision was taken on a lapse-of-time basis [1].

    Seychelles’ economic recovery has remained very strong in 2022, fueled by a faster-than-expected rebound of the tourism sector.

    At end-September 2022, tourist arrivals were 125 percent higher than the same period in 2021, with stronger than expected demand from Europe and the Middle East. The recovery is mostly concentrated in tourism-related industries.

    Real GDP growth is expected to reach 10.6 percent in 2022, before moderating to 5.4 percent in 2023.

    Inflation has been relatively low (3.0 percent year-on-year at end-September 2022), reflecting the effects of currency appreciation in 2021 and earlier this year as well as the base effect of higher inflation in 2021.

    Average inflation is expected decline to 3.0 percent for 2022, before rising to 4.5 percent in 2023, reflecting higher import prices and a fading of the cushion provided by the lagged effect of the rupee appreciation.

    The recovery has been accompanied by a significant fiscal consolidation and social support for the most vulnerable.

    The primary fiscal deficit in 2022 is expected to narrow to 1.1 percent of GDP, reflecting an extraordinary consolidation of 13.6 percentage points over the last two years.

    Risks to debt sustainability have been significantly reduced with the public debt-to-GDP ratio expected to decline to about 68 percent at end-2022, a 21-percentage-point reduction in two years.

    In 2023 and over the medium term, the primary balance will shift to a surplus, as revenue measures will more than compensate for the planned increase in capital expenditure.

    The government has provided social support for the population, including through a program of targeted, temporary cash transfers to protect the most vulnerable from rising food and fuel prices, which is expected to run through early 2023.

    Program performance remains strong.

    All end-June 2022 quantitative performance criteria (QPCs) and indicative targets (ITs) as well as all end-September 2022 ITs were met.

    Good progress was made toward structural benchmarks, although some were implemented with a delay due to capacity constraints.

    The economic outlook, while positive, remains subject to risks, including a worsening of economic prospects in many of Seychelles’ key tourist markets (Russia, the European Union, and the United Kingdom), high food and fuel prices and their effect on the most vulnerable, a resurgence of COVID-19, higher-than-expected inflation, and higher non-performing loans from legacy forborne loans.

    Climate-related shocks remain as medium- and long-term risks.

    The authorities’ near-term priorities are to support the post-pandemic recovery and maintain debt sustainability as well as address the impacts of rising food and fuel prices on the most vulnerable.

    Over the medium-term, the authorities’ measures aim to increase revenues and bolster capital expenditure, with a focus on climate-change mitigation and adaptation.

    In addition, the structural reform agenda prioritizes revenue administration, public financial management, and governance, including digitalization, and state-owned enterprise reform.

    [1] The Executive Board takes decisions under its lapse-of-time procedure when a proposal can be considered without convening formal discussions.

  •   Material shortages have eased in most of Germany s manufacturing industries but in the auto industry the proportion of companies reporting supply chain problems has risen the ifo Institute for Economic Research said on Wednesday In November 59 3 percent of the country s manufacturing firms surveyed reported material shortages the lowest level since April 2021 In October the respective figure was 63 8 percent the think tank said with headquarters in Munich Despite the encouraging signs it is too early to say that the situation has fundamentally eased commented Klaus Wohlrabe ifo s head of surveys adding that there are still many orders that cannot be processed The report also revealed clear differences between industries In the auto industry the percentage of companies facing shortages increased from 74 9 percent to 83 2 percent Meanwhile the proportion of machinery and equipment manufacturers affected by the problem fell 7 8 percentage points from last month to 78 7 percent More than 70 percent of German beverage producers and electrical equipment manufacturers surveyed told the ifo Institute that they still faced material shortages In November less than 30 percent of Germany s manufacturers of leather goods furniture and base metals reported supply bottlenecks according to the report The lack of incoming goods from abroad is costing German industry dearly German business news magazine WirtschaftsWoche said citing a recent study by the German Institute for Macroeconomic Policy IMK Germany s gross domestic product GDP growth could have been 1 2 percent higher in 2021 and 1 5 percent higher by mid 2022 if all new orders had been processed according to the study IMK These numbers support the need to place greater weight on supply chain resilience at the expense of profitability the IMK researchers wrote in the study abstract Xinhua
    Material shortage decreases in German manufacturing: ifo-institut
      Material shortages have eased in most of Germany s manufacturing industries but in the auto industry the proportion of companies reporting supply chain problems has risen the ifo Institute for Economic Research said on Wednesday In November 59 3 percent of the country s manufacturing firms surveyed reported material shortages the lowest level since April 2021 In October the respective figure was 63 8 percent the think tank said with headquarters in Munich Despite the encouraging signs it is too early to say that the situation has fundamentally eased commented Klaus Wohlrabe ifo s head of surveys adding that there are still many orders that cannot be processed The report also revealed clear differences between industries In the auto industry the percentage of companies facing shortages increased from 74 9 percent to 83 2 percent Meanwhile the proportion of machinery and equipment manufacturers affected by the problem fell 7 8 percentage points from last month to 78 7 percent More than 70 percent of German beverage producers and electrical equipment manufacturers surveyed told the ifo Institute that they still faced material shortages In November less than 30 percent of Germany s manufacturers of leather goods furniture and base metals reported supply bottlenecks according to the report The lack of incoming goods from abroad is costing German industry dearly German business news magazine WirtschaftsWoche said citing a recent study by the German Institute for Macroeconomic Policy IMK Germany s gross domestic product GDP growth could have been 1 2 percent higher in 2021 and 1 5 percent higher by mid 2022 if all new orders had been processed according to the study IMK These numbers support the need to place greater weight on supply chain resilience at the expense of profitability the IMK researchers wrote in the study abstract Xinhua
    Material shortage decreases in German manufacturing: ifo-institut
    Foreign6 days ago

    Material shortage decreases in German manufacturing: ifo-institut

    - Material shortages have eased in most of Germany's manufacturing industries, but in the auto industry the proportion of companies reporting supply chain problems has risen, the ifo Institute for Economic Research said on Wednesday.

    In November, 59.3 percent of the country's manufacturing firms surveyed reported material shortages, the lowest level since April 2021. In October, the respective figure was 63.8 percent, the think tank said with headquarters in Munich.

    Despite the encouraging signs, "it is too early to say that the situation has fundamentally eased," commented Klaus Wohlrabe, ifo's head of surveys, adding that "there are still many orders that cannot be processed."

    The report also revealed clear differences between industries.

    In the auto industry, the percentage of companies facing shortages increased from 74.9 percent to 83.2 percent.

    Meanwhile, the proportion of machinery and equipment manufacturers affected by the problem fell 7.8 percentage points from last month to 78.7 percent.

    More than 70 percent of German beverage producers and electrical equipment manufacturers surveyed told the ifo Institute that they still faced material shortages.

    In November, less than 30 percent of Germany's manufacturers of leather goods, furniture and base metals reported supply bottlenecks, according to the report.

    The lack of incoming goods from abroad is costing German industry dearly, German business news magazine WirtschaftsWoche said, citing a recent study by the German Institute for Macroeconomic Policy (IMK).

    Germany's gross domestic product (GDP) growth could have been 1.2 percent higher in 2021 and 1.5 percent higher by mid-2022 if all new orders had been processed, according to the study. IMK.

    "These numbers support the need to place greater weight on supply chain resilience at the expense of profitability," the IMK researchers wrote in the study abstract. ■



    (Xinhua)

  •  India s economy grew 6 3 percent in the second quarter July September of the current fiscal year April 2022 March 2023 official data released by the National Statistical Office NSO showed on Thursday Wednesday Real GDP gross domestic product at constant prices 2011 12 in the second quarter of 2022 23 is estimated at 38 17 trillion Indian rupees about US 469 billion up from 35 89 trillion Indian rupees about 441 billion in the same period of 2021 22 showing growth of 6 3 percent compared to 8 4 percent in the second quarter of 2021 22 they showed the data It further added Nominal GDP at current prices in the second quarter of 2022 23 is estimated at 65 31 trillion Indian rupees about 803 billion up from 56 20 trillion Indian rupees about 691 billion dollars in the second quarter of 2021 22 showing growth of 16 2 percent compared to 19 0 percent in the second quarter of 2021 22 According to a report by India Today analysts had projected that the Indian economy would expand at half the 13 5 percent growth rate recorded in the April June quarter of this fiscal year Xinhua
    India’s GDP growth slows to 6.3 percent in July-Sep-
     India s economy grew 6 3 percent in the second quarter July September of the current fiscal year April 2022 March 2023 official data released by the National Statistical Office NSO showed on Thursday Wednesday Real GDP gross domestic product at constant prices 2011 12 in the second quarter of 2022 23 is estimated at 38 17 trillion Indian rupees about US 469 billion up from 35 89 trillion Indian rupees about 441 billion in the same period of 2021 22 showing growth of 6 3 percent compared to 8 4 percent in the second quarter of 2021 22 they showed the data It further added Nominal GDP at current prices in the second quarter of 2022 23 is estimated at 65 31 trillion Indian rupees about 803 billion up from 56 20 trillion Indian rupees about 691 billion dollars in the second quarter of 2021 22 showing growth of 16 2 percent compared to 19 0 percent in the second quarter of 2021 22 According to a report by India Today analysts had projected that the Indian economy would expand at half the 13 5 percent growth rate recorded in the April June quarter of this fiscal year Xinhua
    India’s GDP growth slows to 6.3 percent in July-Sep-
    Foreign6 days ago

    India’s GDP growth slows to 6.3 percent in July-Sep-

    India's economy grew 6.3 percent in the second quarter (July-September) of the current fiscal year (April 2022-March 2023), official data released by the National Statistical Office (NSO) showed on Thursday. Wednesday.

    Real GDP (gross domestic product) at constant prices (2011-12) in the second quarter of 2022-23 is estimated at 38.17 trillion Indian rupees (about US$469 billion), up from 35.89 trillion Indian rupees (about $441 billion) in the same period of 2021-22, showing growth of 6.3 percent compared to 8.4 percent in the second quarter of 2021-22, they showed. the data.

    It further added: "Nominal GDP at current prices in the second quarter of 2022-23 is estimated at 65.31 trillion Indian rupees (about $803 billion), up from 56.20 trillion Indian rupees (about 691 billion dollars) in the second quarter of 2021-22, showing growth of 16.2 percent compared to 19.0 percent in the second quarter of 2021-22."

    According to a report by India Today, analysts had projected that the Indian economy would expand at half the 13.5 percent growth rate recorded in the April-June quarter of this fiscal year. ■



    (Xinhua)

  •   France s gross domestic product GDP growth in the third quarter Q3 slowed to 0 2 percent in volume terms after a rebound of 0 5 percent in the second quarter the market said on Wednesday National Institute of Statistics and Economic Studies INSEE of the country Gross fixed capital formation rose 1 7 percent in the third quarter contributing dynamically to GDP growth especially through business investment in automobiles and IT services Overall final domestic demand excluding inventories contributed 0 4 points to GDP growth after 0 3 points in the second quarter the institute added Although foreign trade accelerated in the third quarter with imports rising 3 5 and exports rising 2 the contribution of foreign trade to GDP growth was consequently negative for the second consecutive quarter with 0 5 points after 0 2 points in the second quarter said INSEE In the third quarter the gross disposable income of French households in current euros increased by 2 6 due to the effect of the early revaluation of basic retirement pensions and family benefits in July and the payment of exceptional aid for the back to school to modest homes Xinhua
    France’s GDP growth slows to 0.2 percent in third quarter: INSEE-
      France s gross domestic product GDP growth in the third quarter Q3 slowed to 0 2 percent in volume terms after a rebound of 0 5 percent in the second quarter the market said on Wednesday National Institute of Statistics and Economic Studies INSEE of the country Gross fixed capital formation rose 1 7 percent in the third quarter contributing dynamically to GDP growth especially through business investment in automobiles and IT services Overall final domestic demand excluding inventories contributed 0 4 points to GDP growth after 0 3 points in the second quarter the institute added Although foreign trade accelerated in the third quarter with imports rising 3 5 and exports rising 2 the contribution of foreign trade to GDP growth was consequently negative for the second consecutive quarter with 0 5 points after 0 2 points in the second quarter said INSEE In the third quarter the gross disposable income of French households in current euros increased by 2 6 due to the effect of the early revaluation of basic retirement pensions and family benefits in July and the payment of exceptional aid for the back to school to modest homes Xinhua
    France’s GDP growth slows to 0.2 percent in third quarter: INSEE-
    Foreign6 days ago

    France’s GDP growth slows to 0.2 percent in third quarter: INSEE-

    - France's gross domestic product (GDP) growth in the third quarter (Q3) slowed to 0.2 percent in volume terms after a rebound of 0.5 percent in the second quarter, the market said on Wednesday. National Institute of Statistics and Economic Studies (INSEE) of the country.

    Gross fixed capital formation rose 1.7 percent in the third quarter, contributing dynamically to GDP growth, especially through business investment in automobiles and IT services.

    "Overall, final domestic demand, excluding inventories, contributed +0.4 points to GDP growth (after +0.3 points in the second quarter)," the institute added.

    Although foreign trade accelerated in the third quarter, with imports rising 3.5% and exports rising 2%, the contribution of foreign trade to GDP growth was consequently negative for the second consecutive quarter, with -0.5 points after -0.2 points in the second quarter, said INSEE. .

    In the third quarter, the gross disposable income of French households in current euros increased by 2.6% due to the effect of the early revaluation of basic retirement pensions and family benefits in July, and the payment of exceptional aid for the back to school to modest homes. ■



    (Xinhua)

  •   T rkiye s economy grew 3 9 percent on year in the third quarter expanding at the slowest rate since the second quarter of 2020 data from the Turkish Statistical Institute announced on Wednesday The limited growth in consumption compared to the second quarter and the slowdown in foreign demand contributed to the slowdown in the rate of growth Gross domestic product GDP fell 0 1 percent from the previous quarter on a seasonally and calendar adjusted basis the data showed The consumption expenditures of resident households increased by 19 9 percent as a chained volume index in the third quarter of the year compared to the same period of the previous year While government final consumption expenditures increased 8 5 percent gross fixed capital formation decreased 1 3 percent The country s economic growth is dwarfed by its annual inflation rate which hit a 20 year high of 85 5 percent in October Turkey s central bank said last week it had ended the easing cycle between August and November during which it cut the policy rate by 500 basis points to 9 percent Xinhua
    Türkiye’s economy grows 3.9 percent in the third quarter
      T rkiye s economy grew 3 9 percent on year in the third quarter expanding at the slowest rate since the second quarter of 2020 data from the Turkish Statistical Institute announced on Wednesday The limited growth in consumption compared to the second quarter and the slowdown in foreign demand contributed to the slowdown in the rate of growth Gross domestic product GDP fell 0 1 percent from the previous quarter on a seasonally and calendar adjusted basis the data showed The consumption expenditures of resident households increased by 19 9 percent as a chained volume index in the third quarter of the year compared to the same period of the previous year While government final consumption expenditures increased 8 5 percent gross fixed capital formation decreased 1 3 percent The country s economic growth is dwarfed by its annual inflation rate which hit a 20 year high of 85 5 percent in October Turkey s central bank said last week it had ended the easing cycle between August and November during which it cut the policy rate by 500 basis points to 9 percent Xinhua
    Türkiye’s economy grows 3.9 percent in the third quarter
    Foreign6 days ago

    Türkiye’s economy grows 3.9 percent in the third quarter

    - Türkiye's economy grew 3.9 percent on-year in the third quarter, expanding at the slowest rate since the second quarter of 2020, data from the Turkish Statistical Institute announced on Wednesday.

    The limited growth in consumption compared to the second quarter and the slowdown in foreign demand contributed to the slowdown in the rate of growth.

    Gross domestic product (GDP) fell 0.1 percent from the previous quarter on a seasonally and calendar adjusted basis, the data showed.

    The consumption expenditures of resident households increased by 19.9 percent as a chained volume index in the third quarter of the year compared to the same period of the previous year. While government final consumption expenditures increased 8.5 percent, gross fixed capital formation decreased 1.3 percent.

    The country's economic growth is dwarfed by its annual inflation rate, which hit a 20-year high of 85.5 percent in October.

    Turkey's central bank said last week it had ended the easing cycle between August and November, during which it cut the policy rate by 500 basis points to 9 percent. ■



    (Xinhua)

  •   Canada s real gross domestic product GDP rose 0 7 percent in the third quarter the fifth consecutive quarterly increase Statistics Canada said Tuesday Growth in exports nonresidential structures and business investment in inventories was tempered by lower housing investment and household spending Final domestic demand made up of final consumption spending and capital investment fell 0 2 percent after rising 0 6 percent in the second quarter the national statistics agency said According to the agency real GDP rose 0 1 percent in September Growth was led by goods producing industries while service producing industries remained essentially unchanged Advance data indicated that real GDP was essentially unchanged in October Increases in the public transportation and warehousing construction and wholesale trade sectors were offset by declines in the manufacturing and mining quarrying and oil and gas extraction sectors Statistics Canada said Xinhua
    Canada’s economy rises 0.7% in the third quarter
      Canada s real gross domestic product GDP rose 0 7 percent in the third quarter the fifth consecutive quarterly increase Statistics Canada said Tuesday Growth in exports nonresidential structures and business investment in inventories was tempered by lower housing investment and household spending Final domestic demand made up of final consumption spending and capital investment fell 0 2 percent after rising 0 6 percent in the second quarter the national statistics agency said According to the agency real GDP rose 0 1 percent in September Growth was led by goods producing industries while service producing industries remained essentially unchanged Advance data indicated that real GDP was essentially unchanged in October Increases in the public transportation and warehousing construction and wholesale trade sectors were offset by declines in the manufacturing and mining quarrying and oil and gas extraction sectors Statistics Canada said Xinhua
    Canada’s economy rises 0.7% in the third quarter
    Foreign7 days ago

    Canada’s economy rises 0.7% in the third quarter

    - Canada's real gross domestic product (GDP) rose 0.7 percent in the third quarter, the fifth consecutive quarterly increase, Statistics Canada said Tuesday.

    Growth in exports, nonresidential structures, and business investment in inventories was tempered by lower housing investment and household spending. Final domestic demand, made up of final consumption spending and capital investment, fell 0.2 percent, after rising 0.6 percent in the second quarter, the national statistics agency said.

    According to the agency, real GDP rose 0.1 percent in September. Growth was led by goods-producing industries, while service-producing industries remained essentially unchanged.

    Advance data indicated that real GDP was essentially unchanged in October. Increases in the public, transportation and warehousing, construction and wholesale trade sectors were offset by declines in the manufacturing and mining, quarrying and oil and gas extraction sectors, Statistics Canada said. ■



    (Xinhua)

  •   The industrial landscape in Germany and the European Union EU is undergoing a historic transformation Minister for Economic Affairs and Climate Action Robert Habeck said at an industry conference on Tuesday Industrial companies in Europe face multiple gigantic tasks he said These include the digital transformation the consequences of the COVID 19 pandemic the conflict between Russia and Ukraine the changing geopolitical environment and demographic change The ongoing pandemic is still causing supply chain disruptions and material shortages around the world If German industry had been able to process all the orders the gross domestic product GDP of Europe s largest economy would have been 1 2 higher in 2021 and even 1 5 higher after the first six months this year according to a study published on Monday by the Institute for Macroeconomic Policy IMK Ecological transformation is another vital element of today s changes according to Habeck We want to achieve European and national climate targets with the help of an efficient and competitive industry Habeck stressed While the EU aims to become climate neutral by 2050 Germany seeks to achieve this goal five years earlier in 2045 There is an urgent need to make the path to climate neutrality resilient and combine it with a growth strategy Siegfried Russwurm president of the Federation of German Industries BDI said at Tuesday s conference Last year companies in Germany made 55 billion euros 57 billion worth of climate protection related investments according to a recent survey by state promotional bank KfW In the coming years however companies will have to more than double their current investments to meet the country s climate goals The private sector is off to a good start but more needs to happen KfW chief economist Fritzi Koehler Geib said in a statement The current energy crisis is an incentive to switch to renewable energy due to high prices However extreme uncertainties are an obstacle to investment plans After peaking in October inflation in Germany fell back to 10 percent in November according to preliminary figures released by the Federal Statistical Office Destatis Energy prices were still rising 38 percent year on year and were still having a substantial impact on the inflation rate 1 euro 1 04 US dollar Xinhua
    European industry is undergoing a “historic transformation”: German minister
      The industrial landscape in Germany and the European Union EU is undergoing a historic transformation Minister for Economic Affairs and Climate Action Robert Habeck said at an industry conference on Tuesday Industrial companies in Europe face multiple gigantic tasks he said These include the digital transformation the consequences of the COVID 19 pandemic the conflict between Russia and Ukraine the changing geopolitical environment and demographic change The ongoing pandemic is still causing supply chain disruptions and material shortages around the world If German industry had been able to process all the orders the gross domestic product GDP of Europe s largest economy would have been 1 2 higher in 2021 and even 1 5 higher after the first six months this year according to a study published on Monday by the Institute for Macroeconomic Policy IMK Ecological transformation is another vital element of today s changes according to Habeck We want to achieve European and national climate targets with the help of an efficient and competitive industry Habeck stressed While the EU aims to become climate neutral by 2050 Germany seeks to achieve this goal five years earlier in 2045 There is an urgent need to make the path to climate neutrality resilient and combine it with a growth strategy Siegfried Russwurm president of the Federation of German Industries BDI said at Tuesday s conference Last year companies in Germany made 55 billion euros 57 billion worth of climate protection related investments according to a recent survey by state promotional bank KfW In the coming years however companies will have to more than double their current investments to meet the country s climate goals The private sector is off to a good start but more needs to happen KfW chief economist Fritzi Koehler Geib said in a statement The current energy crisis is an incentive to switch to renewable energy due to high prices However extreme uncertainties are an obstacle to investment plans After peaking in October inflation in Germany fell back to 10 percent in November according to preliminary figures released by the Federal Statistical Office Destatis Energy prices were still rising 38 percent year on year and were still having a substantial impact on the inflation rate 1 euro 1 04 US dollar Xinhua
    European industry is undergoing a “historic transformation”: German minister
    Foreign7 days ago

    European industry is undergoing a “historic transformation”: German minister

    - The industrial landscape in Germany and the European Union (EU) is undergoing a "historic transformation," Minister for Economic Affairs and Climate Action Robert Habeck said at an industry conference on Tuesday.

    Industrial companies in Europe face multiple "gigantic tasks," he said. These include the digital transformation, the consequences of the COVID-19 pandemic, the conflict between Russia and Ukraine, the changing geopolitical environment, and demographic change.

    The ongoing pandemic is still causing supply chain disruptions and material shortages around the world. If German industry had been able to process all the orders, the gross domestic product (GDP) of Europe's largest economy would have been 1.2% higher in 2021 and even 1.5% higher after the first six months. this year, according to a study published on Monday by the Institute for Macroeconomic Policy (IMK).

    Ecological transformation is another vital element of today's changes, according to Habeck. "We want to achieve European and national climate targets with the help of an efficient and competitive industry," Habeck stressed.

    While the EU aims to become climate neutral by 2050, Germany seeks to achieve this goal five years earlier, in 2045.

    "There is an urgent need to make the path to climate neutrality resilient and combine it with a growth strategy," Siegfried Russwurm, president of the Federation of German Industries (BDI), said at Tuesday's conference.

    Last year, companies in Germany made 55 billion euros ($57 billion) worth of climate protection-related investments, according to a recent survey by state promotional bank KfW. In the coming years, however, companies will have to more than double their current investments to meet the country's climate goals.

    The private sector is off to a "good start, but more needs to happen," KfW chief economist Fritzi Koehler-Geib said in a statement. The current energy crisis is an incentive to switch to renewable energy due to high prices. However, extreme uncertainties are an obstacle to investment plans.

    After peaking in October, inflation in Germany fell back to 10 percent in November, according to preliminary figures released by the Federal Statistical Office (Destatis). Energy prices were still rising 38 percent year-on-year and were still having a "substantial impact on the inflation rate." (1 euro = 1.04 US dollar) ■



    (Xinhua)

  •   Somalia s economy is expected to grow 2 7 percent in 2022 down from 2 9 percent in 2021 amid a global environment characterized by multiple shocks high volatility and uncertainty the Bank projected Tuesday World The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023 when most of the shocks currently dragging down the recovery are expected to dissipate A rebound in consumption and investment combined with faster growth in Somalia s trading partners supports a Gross Domestic Product GDP growth forecast of 3 6 percent in 2023 and 3 7 percent in 2024 the report says According to the World Bank the economy recovered with a GDP growth rate of 2 9 in 2021 compared to a contraction of 0 3 in 2020 The World Bank said this is despite significant shocks and factors muting the economic recovery including delayed elections drought supply chain bottlenecks from COVID 19 lockdowns and the increase in insecurity World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia the medium term growth outlook remains highly uncertain and the case for investments in social protection is stronger Somalia is currently experiencing a severe drought that has not been seen for at least 40 years After four consecutive seasons of poor rains 90 percent of the country is experiencing severely dry conditions that include crop failures widespread water shortages and declining livestock production According to the United Nations the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food water and pasture for their livestock Higher commodity prices are disproportionately affecting the poor and exacerbating inequality The report also notes that as Somalia emerges from fragility it needs to gradually shift from humanitarian aid to development approaches Xinhua
    The World Bank forecasts that Somalia’s economy will grow by 2.7 percent in 2022.
      Somalia s economy is expected to grow 2 7 percent in 2022 down from 2 9 percent in 2021 amid a global environment characterized by multiple shocks high volatility and uncertainty the Bank projected Tuesday World The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023 when most of the shocks currently dragging down the recovery are expected to dissipate A rebound in consumption and investment combined with faster growth in Somalia s trading partners supports a Gross Domestic Product GDP growth forecast of 3 6 percent in 2023 and 3 7 percent in 2024 the report says According to the World Bank the economy recovered with a GDP growth rate of 2 9 in 2021 compared to a contraction of 0 3 in 2020 The World Bank said this is despite significant shocks and factors muting the economic recovery including delayed elections drought supply chain bottlenecks from COVID 19 lockdowns and the increase in insecurity World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia the medium term growth outlook remains highly uncertain and the case for investments in social protection is stronger Somalia is currently experiencing a severe drought that has not been seen for at least 40 years After four consecutive seasons of poor rains 90 percent of the country is experiencing severely dry conditions that include crop failures widespread water shortages and declining livestock production According to the United Nations the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food water and pasture for their livestock Higher commodity prices are disproportionately affecting the poor and exacerbating inequality The report also notes that as Somalia emerges from fragility it needs to gradually shift from humanitarian aid to development approaches Xinhua
    The World Bank forecasts that Somalia’s economy will grow by 2.7 percent in 2022.
    Foreign7 days ago

    The World Bank forecasts that Somalia’s economy will grow by 2.7 percent in 2022.

    - Somalia's economy is expected to grow 2.7 percent in 2022, down from 2.9 percent in 2021, amid a global environment characterized by multiple shocks, high volatility and uncertainty, the Bank projected Tuesday. World.

    The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023, when most of the shocks currently dragging down the recovery are expected to dissipate.

    "A rebound in consumption and investment, combined with faster growth in Somalia's trading partners, supports a Gross Domestic Product (GDP) growth forecast of 3.6 percent in 2023 and 3.7 percent in 2024," the report says.

    According to the World Bank, the economy recovered with a GDP growth rate of 2.9% in 2021, compared to a contraction of 0.3% in 2020.

    The World Bank said this is despite significant shocks and factors muting the economic recovery, including delayed elections, drought, supply chain bottlenecks from COVID-19 lockdowns and the increase in insecurity.

    World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia, the medium-term growth outlook remains highly uncertain and the case for investments in social protection is stronger.

    Somalia is currently experiencing a severe drought that has not been seen for at least 40 years. After four consecutive seasons of poor rains, 90 percent of the country is experiencing severely dry conditions that include crop failures, widespread water shortages, and declining livestock production.

    According to the United Nations, the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food, water and pasture for their livestock. Higher commodity prices are disproportionately affecting the poor and exacerbating inequality.

    The report also notes that as Somalia emerges from fragility, it needs to gradually shift from humanitarian aid to development approaches. ■



    (Xinhua)

  •   Somalia s economy is expected to grow 2 7 percent in 2022 down from 2 9 percent in 2021 amid a global environment characterized by multiple shocks high volatility and uncertainty the Bank projected Tuesday World The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023 when most of the shocks currently dragging down the recovery are expected to dissipate A rebound in consumption and investment combined with faster growth in Somalia s trading partners supports a Gross Domestic Product GDP growth forecast of 3 6 percent in 2023 and 3 7 percent in 2024 the report says According to the World Bank the economy recovered with a GDP growth rate of 2 9 in 2021 compared to a contraction of 0 3 in 2020 The World Bank said this is despite significant shocks and factors muting the economic recovery including delayed elections drought supply chain bottlenecks from COVID 19 lockdowns and the increase in insecurity World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia the medium term growth outlook remains highly uncertain and the case for investments in social protection is stronger Somalia is currently experiencing a severe drought that has not been seen for at least 40 years After four consecutive seasons of poor rains 90 percent of the country is experiencing severely dry conditions that include crop failures widespread water shortages and declining livestock production According to the United Nations the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food water and pasture for their livestock Higher commodity prices are disproportionately affecting the poor and exacerbating inequality The report also notes that as Somalia emerges from fragility it needs to gradually shift from humanitarian aid to development approaches Xinhua
    The World Bank forecasts Somalia’s economy will grow 2.7 percent in 2022-
      Somalia s economy is expected to grow 2 7 percent in 2022 down from 2 9 percent in 2021 amid a global environment characterized by multiple shocks high volatility and uncertainty the Bank projected Tuesday World The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023 when most of the shocks currently dragging down the recovery are expected to dissipate A rebound in consumption and investment combined with faster growth in Somalia s trading partners supports a Gross Domestic Product GDP growth forecast of 3 6 percent in 2023 and 3 7 percent in 2024 the report says According to the World Bank the economy recovered with a GDP growth rate of 2 9 in 2021 compared to a contraction of 0 3 in 2020 The World Bank said this is despite significant shocks and factors muting the economic recovery including delayed elections drought supply chain bottlenecks from COVID 19 lockdowns and the increase in insecurity World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia the medium term growth outlook remains highly uncertain and the case for investments in social protection is stronger Somalia is currently experiencing a severe drought that has not been seen for at least 40 years After four consecutive seasons of poor rains 90 percent of the country is experiencing severely dry conditions that include crop failures widespread water shortages and declining livestock production According to the United Nations the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food water and pasture for their livestock Higher commodity prices are disproportionately affecting the poor and exacerbating inequality The report also notes that as Somalia emerges from fragility it needs to gradually shift from humanitarian aid to development approaches Xinhua
    The World Bank forecasts Somalia’s economy will grow 2.7 percent in 2022-
    Foreign7 days ago

    The World Bank forecasts Somalia’s economy will grow 2.7 percent in 2022-

    - Somalia's economy is expected to grow 2.7 percent in 2022, down from 2.9 percent in 2021, amid a global environment characterized by multiple shocks, high volatility and uncertainty, the Bank projected Tuesday. World.

    The latest Somalia Economic Update report from the World Bank says a recovery in demand is expected in 2023, when most of the shocks currently dragging down the recovery are expected to dissipate.

    "A rebound in consumption and investment, combined with faster growth in Somalia's trading partners, supports a Gross Domestic Product (GDP) growth forecast of 3.6 percent in 2023 and 3.7 percent in 2024," the report says.

    According to the World Bank, the economy recovered with a GDP growth rate of 2.9% in 2021, compared to a contraction of 0.3% in 2020.

    The World Bank said this is despite significant shocks and factors muting the economic recovery, including delayed elections, drought, supply chain bottlenecks from COVID-19 lockdowns and the increase in insecurity.

    World Bank Country Manager for Somalia Kristina Svensson said that given the recurring weather shocks facing Somalia, the medium-term growth outlook remains highly uncertain and the case for investments in social protection is stronger.

    Somalia is currently experiencing a severe drought that has not been seen for at least 40 years. After four consecutive seasons of poor rains, 90 percent of the country is experiencing severely dry conditions that include crop failures, widespread water shortages, and declining livestock production.

    According to the United Nations, the drought has exacerbated the humanitarian crisis and is bringing the country to the brink of famine with large displacements of people leaving their homes in search of food, water and pasture for their livestock. Higher commodity prices are disproportionately affecting the poor and exacerbating inequality.

    The report also notes that as Somalia emerges from fragility, it needs to gradually shift from humanitarian aid to development approaches. ■



    (Xinhua)

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