King Salman Global Academy for Arabic Language launches program with Indiana University    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Bulgaria's government survives no-confidence vote brought by pro-Russia party    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Rain expected in Makkah and Jeddah on Saturday    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euro economy to slow in 2008 due to credit squeeze
Published in Saudi Press Agency on 18 - 12 - 2007


The recent turmoil on the international financial
markets is expected to dent the euro area's economic growth prospects
for 2008, the latest Quarterly Report from the European Union
Commission said Tuesday, according to DPA.
The report by the EU executive forecasts gross domestic product
(GDP) growth for 2008 in the 13-country eurozone at 2.2 per cent,
down from an expected growth rate of 2.6 per cent in 2007.
"Economic activity is expected to moderate as the conditions in
international finance markets have deteriorated significantly and
remain fragile. Whilst the effects of the turmoil have, so far, been
largely confined to the financial sector, there are some signs that
also they may have been impacting the rest of the economy," the
report stated.
Reduced confidence and rising inflation, which surged to a six-
year high of 3.1 per cent in November due to higher oil and food
prices, were also being blamed for the probable slowdown.
But the report also suggested that economic activity would
"continue to be supported by robust employment growth and record-high
profitability in the non-financial corporate sector."
Euro area GDP growth rebounded to 0.7 per cent in the third
quarter of 2007 from 0.3 per cent in the second quarter, thanks
largely to robust domestic demand and a pick up in investment, the
Commission said.
According to a separate Eurobarometer survey, also published on
Tuesday by the EU's executive, 26 per cent of Europeans said they
expected the economy to worsen over the coming 12 months, compared
with 24 per cent who said it would probably improve.
Most respondents, 44 per cent, said they expected no change in the
economic situation during 2008.
Overall, 49 per cent of the roughly 30,000 Europeans polled said
the economy was in a bad state, compared with 48 per cent who said it
was in a good shape. Officials in Brussels noted that the "feel-good
factor" had ebbed somewhat from the spring, when 52 per cent of those
taking part in the Eurobarometer survey had said the economy was in a
"good" or "very good" state.
Meanwhile, the EU's statistical office, Eurostat said booming
trade with the world's leading emerging economies had helped offset a
slide in exports to the US and Japan.
Despite a strong euro, total exports from the 13-member eurozone
increased 2.3 per cent month-on-month in October, with imports rising
by 2.0 per cent, Eurostat said.


Clic here to read the story from its source.