Saudi economy expands by 1.7 percent in first quarter

Saudi Arabia’s non-oil private sector growth was the big winner, climbing to an 18-month high in June. (Reuters)
Updated 16 July 2019

Saudi economy expands by 1.7 percent in first quarter

  • WTI futures gained 30 per cent in the first three months of the year while Brent crude was up 25 percent over the quarter

RIYADH: Saudi Arabia's economy grew at 1.7 percent in the first quarter of 2019, the Kingdom's media ministry said on Monday.
The expansion reflects ongoing economic reforms and the modernization of the financial sector, analysts said.
The Kingdom’s non-oil private sector growth rose to an 18-month high in June, according to PMI data released earlier this month.
Financial analyst Talat Zaki Hafiz told Arab News the positive economic growth trend, especially in the non-oil economy, showed that ongoing reforms were producing results.
"The commitment of the Saudi government is to diversify the economy and move it from dependence on oil, and this is what we see — the mix of non-oil and oil revenue," he said.
A recovery in the oil price in the first three months of the year has also spurred growth.
WTI futures gained 30 per cent in the first three months of the year while Brent crude was up 25 percent over the quarter.


White House says Trump regrets not raising tariffs higher

US President Donald Trump arrives at the G7 summit in Biarritz, France, on Sunday. Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. (AP)
Updated 26 August 2019

White House says Trump regrets not raising tariffs higher

  • President’s comments appear at first to mark a rare moment of self-reflection by the US leader

TOKYO: President Donald Trump said Sunday that he had second thoughts about escalating the trade war with China, but the White House later reversed that message saying the president was misinterpreted and that his only regret in hiking tariffs is that he didn’t raise them higher. Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France. During a breakfast meeting with British Prime Minister Boris Johnson, Trump suggested he had qualms about the spiraling conflict. “Yeah. For sure,” Trump told reporters when asked if he has second thoughts about escalating the dispute, adding he has “second thoughts about everything.”
But hours later, White House press secretary Stephanie Grisham issued a statement saying Trump’s comments about US tariffs on China were “greatly misinterpreted.”
She said Trump only responded “in the affirmative — because he regrets not raising the tariffs higher.” The comments appeared at first to mark a rare moment of self-reflection by the famously hard-nosed leader. But the later reversal fit a pattern for Trump in recoiling from statements he believes suggest weakness.

HIGHLIGHTS

• President Donald Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France.

• White House said comments about US tariffs on China were ‘greatly misinterpreted.’

Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. Trump’s counterparts, including Johnson, are trying to convince him to back off his trade wars with China and other countries, which they see as contributing to the economic weakening.

US-Japan agreement
Trump and Japan’s Prime Minister Shinzo Abe announced on Sunday a deal in principle on a major bilateral trade deal.
“It’s a very big transaction,” Trump said after talks with Abe on the sidelines of the G7 summit.
“Billions and billions of dollars,” he said. “It involves agriculture, it involves e-commerce. It involves many things. We’ve agreed in principle.”

Amazon fires
Also on Sunday, French President Emmanuel Macron said that world leaders at the G7 summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rainforest as soon as possible.
“We are all agreed on helping those countries which have been hit by the fires as fast as possible,” he told journalists.