logo
Tunisia's economy grew by 1.6% in first quarter of 2025

Tunisia's economy grew by 1.6% in first quarter of 2025

Zawya15-05-2025

Tunisia's economy grew by 1.6% year on year in the first quarter of 2025, driven by the growth of the agricultural sector, the country's statistics institute said on Thursday.
The agricultural sector grew by 7% as a result of rainfall following a six-year drought.
During the first quarter of last year, economic growth did not exceed 0.3%.
(Reporting by Tarek Amara; Editing by Aidan Lewis)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Kenya finance minister projects lower deficit and sustained growth
Kenya finance minister projects lower deficit and sustained growth

Zawya

time22 minutes ago

  • Zawya

Kenya finance minister projects lower deficit and sustained growth

NAIROBI - Kenya is on a trajectory of sustained economic growth but also faces potential risks from global trade sanctions, market volatility and extreme weather conditions, its finance minister said on Thursday. The economy is projected to grow by 5.3% in both 2025 and 2026, John Mbadi told parliament while presenting his budget for the 2025/26 fiscal year. "This growth is premised on a stable macroeconomic environment over the medium term," he said. The fiscal deficit is forecast at 4.8% of gross domestic product compared with 5.7% in 2024/25, while overall spending is expected to reach 4.29 trillion Kenyan shillings ($33.27 billion) during the period, Mbadi added. The budget is aimed at boosting revenues to service debt while avoiding tax measures that triggered the kind of deadly protests that rocked East Africa's biggest economy last year. While Mbadi presented the budget, protests intensified in the capital following the death in custody of a political blogger, with vehicles set ablaze and police firing tear gas to disperse the demonstrators. President William Ruto's administration has been struggling to narrow the fiscal deficit and govern under a heavy total debt-to-GDP ratio of around two-thirds, well above the 55% level considered a sustainable threshold. The government is seeking new sources of funding after last year's countrywide protests forced it to pursue austerity measures and scrap planned tax hikes worth more than 346 billion Kenyan shillings ($2.7 billion). "Kenyans cannot bear more tax," Mbadi said on Wednesday ahead of his presentation. "For the first time, we have not added taxes in the current finance bill as has been the case before." INDIRECT TAXES Critics have accused the government of using the budget to increase indirect taxes and infringe on privacy by empowering the tax authority to spy on people's bank accounts and mobile money transactions. But Mbadi said on Wednesday the revenue authority must be empowered to collect taxes to run the country. In place of hiking individual taxes, Mbadi is looking to widen the tax base, improve compliance and cut spending, said John Kuria, a tax specialist and partner at Kody Africa. Despite government attempts to curb expenditure and crack down on fraud, Kuria said, "I think we're still going to have a significant funding shortfall." While the proposed budget outlines credible measures to reduce the fiscal deficit, the challenge lies in implementation, which Kenya has struggled with historically, said Shani Smit-Lengton, Senior Economist at Oxford Economics Africa. This often results in mid-year revisions through supplementary budgets, which erode fiscal credibility, Smit-Lengton told Reuters via email. Kenya said in March it had applied for a new lending programme from the International Monetary Fund after abandoning the final review on the previous IMF programme. In February it joined a fast-growing club of African nations that have gone to the market to borrow cash to pay off maturing debts in a bid to smooth out liabilities and ring-fence critical expenditure such as health. "This year, the stakes are higher: the government must demonstrate improved budget discipline to bolster its case for a new IMF programme, while also managing public sentiment to avoid social unrest," Smit-Lengton said. ($1 = 128.9500 Kenyan shillings)

H.E. Bin Touq holds high-level meetings in Cyprus and Greece
H.E. Bin Touq holds high-level meetings in Cyprus and Greece

Zawya

time23 minutes ago

  • Zawya

H.E. Bin Touq holds high-level meetings in Cyprus and Greece

Discussions highlight UAE's efforts to drive economic growth and diversification in line with the objectives of 'We the UAE 2031' vision Abu Dhabi: H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of Investopia, held bilateral meetings with ministers from the Republic of Cyprus and the Republic of Greece to explore avenues for enhancing economic and investment cooperation. Discussions focused on emerging sectors such as innovation, digital infrastructure, food security, renewable energy, smart tourism technology, and sustainable environmental practices. The meetings took place on the sidelines of the inaugural Investopia Global – Mediterranean Edition in Cyprus, which drew broad participation from ministers, government officials, business leaders, investors, entrepreneurs, and decision-makers from the UAE, Lebanon, Cyprus, and across Europe. The meetings were also attended by H.E. Mohammad Alhawi, Undersecretary of the Ministry of Investment; H.E. Mohammad Saif Al Shehhi, UAE Ambassador to the Republic of Cyprus; and H.E. Shaikha Nasser Al Nowais, Secretary-General Elect of UN Tourism for the 2026–2029 term. During the discussions, H.E. Bin Touq elaborated on the UAE's efforts to accelerate the growth and diversification of the national economy, increase non‑oil sector contributions to GDP, and accelerate the transition to an innovative, knowledge‑based economic model. H.E. also highlighted the national goals of the 'We the UAE 2031' vision and their role in reinforcing the UAE's position as a global hub for business, investment, and the new economy by next decade. H.E. Bin Touq's meeting with H.E. Georgios Papanastasiou, Minister of Energy, Commerce and Industry of Cyprus, explored the expansion of economic partnership between the UAE and Cyprus and the creation of new pathways for business communities in both countries to establish strategic partnerships. H.E. noted that the longstanding relations between the two countries are built on mutual understanding and fruitful cooperation, marked by continuous development across all strategic sectors, particularly economic and investment ones. The meeting explored opportunities to expand support mechanisms for UAE companies operating in Cyprus, facilitating their growth in the market. It also emphasized the potential for Cypriot exporters to leverage the UAE's strategic position as a global business and investment hub. Furthermore, the UAE's extensive network of regional and international economic partnerships and trade agreements offers significant advantages for export and import activities, creating mutually beneficial opportunities for both nations. The Minister of Economy also met with H.E. Dr. Konstantinos Kombos, Minister of Foreign Affairs of Cyprus, to explore avenues for deepening bilateral economic cooperation in key areas of mutual interest. H.E. Bin Touq reaffirmed the UAE's commitment to fostering stronger economic ties with Cyprus, particularly in future-oriented sectors such as energy, renewable energy, and industry. Both sides emphasized the potential for collaboration in sustainable economic projects and underscored the value of knowledge exchange and best practices to drive mutual growth. During a separate meeting with H.E. Kostas Koumis, Minister of Tourism of the Republic of Cyprus, H.E. Bin Touq elaborated on the UAE Tourism Strategy 2031, outlining its comprehensive framework to enhance the country's appeal as a premier destination for international travelers and investors alike. The strategy aims to position the UAE as the world's leading tourism hub by 2031, driving growth across tourism, hospitality, and related investment sectors. H.E. also highlighted how the initiative will reinforce the UAE's status as a global frontrunner in tourism innovation and destination development. In addition, the two ministers discussed potential joint tourism initiatives in both markets and the broader Eastern Mediterranean region. Emphasis was placed on launching innovative programs in sustainable and green tourism to further stimulate bilateral tourism exchange. Finally, H.E. Bin Touq's meeting with H.E. Olga Kefalogianni, Greek Minister of Tourism, discussed the strengthening of bilateral tourism cooperation across multiple sectors. The discussions focused on three key areas: sharing expertise in smart tourism infrastructure, promoting sustainable environmental practices, and developing joint programs to increase tourism exchanges between both countries. H.E. Bin Touq highlighted the meeting's significance as a key milestone in advancing UAE-Greek tourism relations, building further on the two countries' growing economic partnership. Tourism collaboration between the UAE and Greece continues to witness significant growth, as reflected in the latest visitor statistics. In 2024, the UAE welcomed 20,452 Greek visitors, marking a 25 per cent increase compared to 16,366 visitors in 2023. This positive momentum is further reinforced by strong air connectivity, with 33 weekly flights currently operating between the two countries via their respective national carriers.

Egypt: Qalaa Holdings to raise authorized capital to $1bln
Egypt: Qalaa Holdings to raise authorized capital to $1bln

Zawya

time23 minutes ago

  • Zawya

Egypt: Qalaa Holdings to raise authorized capital to $1bln

Arab Finance: Qalaa Holdings' board of directors approved increasing the authorized capital from EGP 10 billion to EGP 50 billion, as per a bourse filing issued on June 12 th. The capital hike aims to secure procedural flexibility to allow the rapid issuance of new shares as needed. Additionally, the EGX-listed firm will raise its issued capital by EGP 14 billion from EGP 9.10 billion to EGP 23.10 billion through a cash contribution at par value, for both common and preferred shares. Qalaa Holdings will issue 2.80 billion new shares, representing 2.181 billion common shares and 618.059 million preferred shares, each with a nominal value of EGP 5. Following the transaction, the new capital will be divided into 4.62 billion shares, instead of 1.82 billion shares. The increase will be allocated to existing shareholders pro rata to their ownership in the issued capital as of a record date, which is set to be determined. The company provided an option to utilize shareholders' credit balances to subscribe for new shares, whether during the first or second subscription rounds. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store