Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
The eurozone economy will avoid a recession this winter after recording weak-but-positive growth of 0.1 per cent in the fourth quarter of 2022, official data showed Tuesday.
The figure is lower than the 0.3 per cent growth recorded in the third quarter of 2022, but better than forecasts of a contraction by economists.
The data will be welcome after fears of a deep recession following Russia’s war in Ukraine, which unleashed sky-high energy prices and stoked inflation to record levels.
The International Monetary Fund said on Monday that Germany, Europe’s biggest economy, and Italy would avoid recessions this year, as European growth proved “more resilient than expected” despite the war.
Official data in Germany, however, showed that Europe’s biggest economy unexpectedly shrank in late 2022, contracting by 0.2 per cent in the October to December period compared to the previous quarter.
Italy’s economy also retreated in the final quarter of 2022, decreasing by 0.1 per cent, official data showed on Tuesday.
But France dodged a contraction after recording growth of 0.1 per cent in the fourth quarter as the eurozone’s second biggest economy expanded by 2.6 per cent in 2022.
The European Union’s statistics agency said the single currency area’s economy grew by 3.5 per cent in 2022 — higher than China’s at three per cent and the United States at 2.1 per cent.
The figure for the eurozone is better than the European Commission’s forecast in November of 3.2 per cent.
The economy of the 27-nation EU as a whole, including the countries using the euro, grew by 3.6 per cent in 2022.
The EU had been downbeat about the eurozone economy late last year, but the bloc’s economy commissioner Paolo Gentiloni was more optimistic this month.
“There is a chance to avoid deep recession and to enter a more limited, shallow contraction,” Gentiloni said two weeks ago.
The IMF predicted the EU’s single currency area would grow in 2023 by 0.7 per cent. — AFP
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies