The Eurozone economy contracted as initially estimated in the fourth quarter, with the economic setback reflecting widespread weakness in spending, investment and foreign demand amid fiscal squeeze and debt woes.
Gross domestic product suffered a 0.3 percent reduction in the fourth quarter from a quarter ago, second estimates from Eurostat confirmed Tuesday. The first contraction since the second quarter of 2009, limited the annual growth to 0.7 percent.
In the third quarter, GDP grew 0.1 percent sequentially and advanced 1.3 percent from a year ago.
That said, European Economic Affairs Commissioner Olli Rehn said he sees signs of stabilization in the region.
SAMA net foreign assets reach SR2.737 trillion
The Kingdom’s M3 money supply growth edged up to 12.3 percent year-on-year in June from a five-month low of 12.1 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed.
However, due to the limited availability of stock, leasing de
Arabtec Q2 net profit up 11pc
Arabtec, the construction company at the centre of Dubai’s stock market turmoil, reported an 11 percent rise in second-quarter profit yesterday, missing analysts’ estimates.
Net profit cli
Saudi water membrane facility project awarded
The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement and construction (EPC) contract for its Reverse Osmosis (RO) manufacturing facility in Saudi Arabia.