Non-oil industries will grow by 7.6% this year and the country’s GDP should be up 4.4%, while oil output is expected to decline. The information was released by the International Monetary Fund.
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The country posted US$ 3.4 billion in tourism earnings in quarter one this year, up 16.2% from quarter one last year.
In a report disclosed on Tuesday (21), the International Monetary Fund states that countries that export oil must reduce their dependence on the commodity. The importers, in turn, need profound economic reform.
For the first time this month, imports exceeded exports, according to weekly results released this Monday (20th) by the Brazilian Ministry of Development.
After five weeks stable, financial institutions have revised down their estimates for the growth of Brazil’s Gross Domestic Product in 2013, according to a Central Bank survey.
The growth of the economy of the Arab country was boosted by oil, expansion in the non-oil sector and by greater government spending.
The fluid catalytic cracking refinery should be built in the Emirates and should start operating in 2015. The process speeds up fuel production from heavy oil.
In 2030, developing nations should concentrate US$ 158 trillion, 50% of the global capital stock. Latin American and Asian countries will have the lions share. The information was disclosed by the World Bank.
There are 271,000 unemployed persons in the Arab country. Among youths aged 20 to 24, the rate is 41.1%.
New rules issued this Friday (17th) reduce the number of documents required from workers, and allow for masters and doctoral students to obtain temporary work visas to Brazil for up to 90 days.
International Monetary Fund announced that last year, the Gulf country’s economy had its best performance since 2008, but warned that indebtedness may lead to an ‘unsustainable’ situation in a few years.
Bikini, swimming trunk and bathing suit exports to the Arab countries grew 131% from 2011 to 2012. Sales totalled just US$ 88,000, but the region buys higher value added products.
On a trip to Gaza and the West Bank, Caroline Anstey, director general at the organisation, visited projects supported by the bank. She said that the institution should work to improve women’s living conditions.
A research about the first quarter of this year and disclosed by the National Confederation of Industries (CNI) also shows that the participation of imported products in the domestic market is up.
