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The Latest Breaking News from GDP

US revises up last quarter’s economic growth to 2.9 percent

Wednesday’s data shows that last quarter’s GDP uptick was led by solid gains in exports and consumer spending.

Al Jazeera

10 December money changes from DWP Christmas bonus to Pension Credit cut off

There are a number of key dates for your diary in the coming months, with the lead up to the festive season an expensive time. Here are some days to look out for in the coming weeks.

Glasgow Live

Türkiye’s Economic Growth Slows to 3.9% in Q3 as Foreign Demand Falls

Türkiye’s economy expanded 3.9% in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1% from the previous…

Asharq Al-Awsat

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Thailand heads for third-straight modest rate hike as GDP recovers

The Monetary Policy Committee is set to raise its key rate by a quarter point for a third straight meeting as an accelerating economic growth aided by tourism revival risks stoking prices.

Bangkok Post

Ten money changes in December including DWP Christmas bonus and £300 cost of living cash

There are plenty of financial changes happening in December to note down in your diary, including more cost of living help, energy rebates - plus a potential change to your benefit payments

Daily Mirror

Kishida specifies 2% of current GDP target for defense, security spending

Prime Minister Fumio Kishida has instructed the defense and finance ministers to boost Japan's defense and security-related spending in fiscal 2027 to 2% of the current gross domestic product.

The Japan News/Yomiuri

EIC downgrades growth forecast for 2023

The Economic Intelligence Center (EIC), a research unit under Siam Commercial Bank, has slashed its 2023 GDP growth projection for Thailand due to the global economic slowdown and the increased likelihood of a recession in developed economies.

Bangkok Post

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Estonia says European nations should double defence expenditure

European countries should double their defence expenditure because of Russia's war in Ukraine, Estonia's foreign minister said on Monday, adding that his own country planned to raise national defence spending to 3% of GDP.

Reuters

$16b Total Assets of Oman’s Islamic Banking Sector

The total assets of Oman’s Islamic banking sector, including Islamic banks and windows operating in the sultanate, jumped by 9.1 percent year-on-year to reach at RO6.4 billion ($16.6 billion) by late September 2022. Oman’s Islamic banking assets now account for 16.2 percent of the country’s total banking system assets, according…

Asharq Al-Awsat

Depa's 'Digital Infinity' action plan seeks to increase GDP

The Digital Economy Promotion Agency (Depa) has outlined its 2023 action plan, using what it calls its "Digital Infinity" mission to help increase the country's GDP per person to reach US$10,000 in five years, up from $6,270 in 2021.

Bangkok Post

Equities pause as market takes stock of Covid cases

RECAP: Asian equities fell yesterday in subdued activity after the Thanksgiving holiday in the US. Chinese shares led declines as investors weighed recent gains against an upswing in Covid-19 infections, which reached a new single-day high above 30,000 infections.

Bangkok Post

Chancellor rubbishes his own advisers and denies Brexit ‘will make us poorer’

Asked about feared 4% GDP slump, Jeremy Hunt says he doesn’t accept ’all’ OBR forecasts – adding ‘I accept all the ones I agree with’

The Independent UK

Lebanon: World Bank Rules out Economic Recovery if Political Paralysis Continues

The World Bank has refuted the anticipations of Banque du Liban (The Central Bank of Lebanon) of a 2 percent growth in GDP in 2022, expecting Lebanon to “contract by 5.4 percent in 2022 amid political paralysis and delays in implementing an economic recovery plan.” “The depth and duration of…

Asharq Al-Awsat

Ukraine war: how the economy has kept running at a time of bitter conflict

November 24 marks nine months since the Russian invasion of Ukraine began. Despite the expectation of the Kremlin – and many international analysts – Ukraine did not fall within days. It repelled Russia’s advance on the capital Kyiv, turned the tide on the battlefields and has now retaken half of…

The Conversation

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Asharq Al-Awsat

Palestine Incurs $50Bln Economic Losses in Two Decades

Additional restrictions imposed on Palestinian development in Israeli-controlled parts of the West Bank cost the Palestinian economy an estimated $50 billion between 2000 and 2020, the UN development agency said Tuesday. The United Nations Conference on Trade and Development (UNCTAD) said in report to the UN General Assembly that extra…

The New Daily

Alan Kohler: It’s national suicide by politics, it’s death by degrees

It’s time to consider removing decisions about climate change from the short-term political cycle.

The Guardian - AU

Australia’s economy remains afloat – but there are choppy waters ahead

The OECD predicts 1.9% economic growth for Australia next year. That’s the good news

The Guardian - UK

Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

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The Conversation

Autumn statement is highly political compared to research on 'best' ways to fix public finances

The UK faces some significant belt-tightening following Chancellor Jeremy Hunt’s autumn statement, which announced spending reductions and tax rises of around £55 billion. Much research has been done into the best ways to do fiscal austerity in terms of reducing debt, avoiding economic damage and not exacerbating inequality. So how…

Evening Standard

Winning the World Cup could save the country from a recession

Does hosting a World Cup boost your economy?

Caixin Global

Caixin Summit: China Should Set GDP Target of No Less Than 5% for 2023, Top State Economist Says

Liu Shijin, a member of the top political consultative body, said momentum was building for a turnaround next year after a slowdown in 2022

Birmingham Post

Wales the only UK nation not to see growth in its economy shows new ONS figures

Based on the GDP measure in the first three months of 2022 growth in Wales was flat

Daily Mirror

Russia falls into recession as Western sanctions lead to a 4% fall in GDP

Russia has plunged into a recession after its economy shrank by 4% in the most recent financial quarter, with the effects of Western sanctions on trade now taking hold

The Independent UK

Autumn statement 2022: Grim historic milestones facing the UK economy

Living standards are set to slump back to levels last seen in 2013/14.

Evening Standard

Autumn Statement post-mortem: living standards to plummet as taxes soar

If there is one figure to bear in mind amid a sea of epically bad numbers in today’s Autumn Statement and accompanying Office for Budget Responsibility (OBR) fiscal outlook, it is this: underlying public sector net debt will be £400bn (18% of GDP) higher in 2026-27 than was forecast in…

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