logo

Portugal swings to 0.2% budget surplus in first quarter

Zawya24-06-2025
Portugal swung to a budget surplus of 0.2% of gross domestic product in the first quarter from a revised deficit of 0.4% a year ago, despite an economic contraction in the first three months of the year, official data showed on Tuesday.
The National Statistics Institute (INE) said public revenues grew 7.8% year-on-year increase, while expenditure increased by 6.4%.
(Reporting by Sergio Goncalves and Andrei Khalip)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Rising confidence in South Africa's small businesses amid growing pains
Rising confidence in South Africa's small businesses amid growing pains

Zawya

timea day ago

  • Zawya

Rising confidence in South Africa's small businesses amid growing pains

As 2025 progresses, most small and medium businesses (SMBs) in South Africa remain upbeat about the road ahead. According to Sage's latest 'Small Business, Big Opportunity' survey, 78% of local SMBs are confident about future success, even in the face of significant challenges. This is a testament to their resilience, ingenuity, and adaptability in the face of uncertainties and rising costs. Yet our survey also recorded a slight decrease in confidence among SMBs (down from 84%), highlighting many business owners' concerns about inflation and relatively slow GDP growth in South Africa. It's encouraging that most business owners are optimistic about their prospects. This translates into ambitious plans for growth. Confident SMBs are more likely to make capital investments, expand operations, and create jobs. In turn, this helps to lift tax revenues, create further indirect jobs in the supply chain, and boost the economy. Furthermore, SMB owners are taking their destinies into their own hands. They are using digital solutions to enhance productivity, streamline operations, and improve customer experiences. Nearly 69% of South African SMBs have integrated new AI technologies into their operations, reporting benefits such as more time to focus on higher-value work. Technology adoption is paying off A laser-like focus on operational efficiency and the adoption of new technology is paying off for many of South Africa's smaller businesses. Nearly seven in ten South African SMBs are satisfied with their productivity levels, while 44% cite improved efficiency as a key factor for confidence. But their journey is not without its challenges. Financial pressures, including cash flow difficulties and rising operational costs, are barriers to growth and success. Many SMBs also face challenges such as supply chain disruptions, growing competition for customers, and difficulties in recruiting talent. These challenges reinforce the need for continued support and intervention. The government and big business have an opportunity to harness SMBs' positivity to drive economic growth. They can also help to foster confidence among the SMBs whose optimism has declined over the past year. The government is an important enabler in creating an environment where SMBs can thrive. By promoting digital transformation and providing targeted support, the public sector can help SMBs overcome their barriers. Big businesses, meanwhile, should look to nurture SMBs as their partners, customers, and suppliers of the future. There are many ways that these stakeholders could help boost confidence and capacity in the SMB sector: - Support for workforce development and digital skills: Many smaller businesses face a digital skills gap that stops them from fully realising the benefits of technology. Government-supported training programmes and private-sector skills transfer partnerships could help ensure SMBs capitalise on their investments in AI and other emerging technologies. - Streamline cash flow: Big business and government can provide affordable financing solutions and incentives for digital investments to help SMBs manage cash flow challenges. Acceleration of initiatives linked to SARS modernisation projects for VAT can help streamline financial processes and improve liquidity. The government and big businesses should ensure SMBs are paid within 30 days to improve cash flow and reduce financial strain, especially on smaller businesses. - Increase sharing of knowledge between SMBs: SMBs could benefit from knowledge-sharing platforms and forums where they can learn from each other's successes and challenges. This could include sharing resources on digital best practices, strategies for addressing cost increases, and effective methods for AI implementation. Simplified regulatory processes: Reducing red tape in terms of government policy impacts and offering tax incentives can ease the burden on SMBs and encourage formalisation. This should remain a priority for the government. - Access to affordable financing: Establishing and expanding low-interest loan programmes or credit guarantee schemes can help SMBs secure funding without excessive collateral demands. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (

UAE ranks 16th globally in ‘Government Support Index' in IMD World Competitiveness Yearbook 2025
UAE ranks 16th globally in ‘Government Support Index' in IMD World Competitiveness Yearbook 2025

Emirates 24/7

time2 days ago

  • Emirates 24/7

UAE ranks 16th globally in ‘Government Support Index' in IMD World Competitiveness Yearbook 2025

The United Arab Emirates has achieved another landmark milestone in its record of global leadership, advancing to 16th place worldwide in the 2025 Government Support Index, one of the key indicators featured in the International Institute for Management Development's (IMD) World Competitiveness Yearbook. This marks a remarkable jump of 27 positions from its 43rd place in 2024. The Government Support Index measures the value of government support as a percentage of gross domestic product (GDP) and serves as a benchmark for the efficiency of public financial resource management, as well as a country's ability to stimulate economic growth through well-targeted and effective public spending policies. The Ministry of Finance affirmed that the UAE's rise to 16th place globally reflects the efficiency of the nation's fiscal policies and the concerted efforts to enhance the effectiveness of public expenditure. This progress has been achieved through an integrated framework of collaboration between the federal government and local financial departments to advance financial analysis tools and optimise resource allocation. The Ministry further noted that it is continuing to strengthen the country's standing in the Government Support Index by improving the quality of financial data and promoting sustainability and fiscal balance practices, in line with the UAE's vision to enhance global competitiveness and achieve the Sustainable Development Goals, in close coordination with local finance departments. The Ministry explained that this achievement demonstrates the increasing trust of international institutions in the UAE's public financial governance framework. It underscores the country's commitment to sustainability across sectors through the development of precise statistical financial reports that accurately reflect the scale and scope of government support, thereby enabling sound, evidence-based fiscal decision-making. The Ministry stressed that it attaches great importance to strengthening fiscal transparency and developing the statistical data infrastructure, highlighting that enhancing data reliability and improving the level of financial disclosure are fundamental pillars in shaping public policy. These efforts reflect the UAE's adherence to the highest standards of financial governance, supporting economic stability and boosting its capacity to respond to global developments with agility and efficiency. The Ministry concluded, 'We aspire to rank among the world's top ten in the Government Support Index by 2026, guided by the vision of our wise leadership and the dedication of our national teams. We will continue to embed a results-driven approach based on effective public spending and financial sustainability to drive the nation's growth.' According to the IMD World Competitiveness Yearbook 2025, the United Arab Emirates ranked among the world's top ten countries in several competitiveness indicators, reflecting the nation's advanced financial performance. The UAE secured first place globally in both venture capital and collected personal income tax as a percentage of GDP. It ranked second in corporate profit tax rate, third in government budget surplus/deficit (US$ billion), and fourth in both decline in collected indirect tax revenues and decline in consumption tax rate. The country also placed fifth in taxes collected on capital and property, sixth in public finance, seventh globally and first regionally in general government expenditure as a percentage of GDP, and ninth globally in real growth of government consumption expenditure. These achievements underscore the UAE's global competitiveness, reaffirm its commitment to fostering a sustainable economic environment, and highlight its ability to adapt to challenges and respond to global economic shifts—further strengthening its position as a leading global economic hub. As part of its national strategy, the Ministry of Finance is working to develop and enhance financial data collection tools through advanced institutional information systems, while strengthening coordination between the federal government and local finance departments. These initiatives aim to improve financial performance indicators and deliver tangible impact on the quality and developmental role of public spending.

Big-ticket events set the stage for tourism growth in the Middle East
Big-ticket events set the stage for tourism growth in the Middle East

Khaleej Times

time2 days ago

  • Khaleej Times

Big-ticket events set the stage for tourism growth in the Middle East

'Big-ticket' events are playing a pivotal role in driving international tourism and accelerating economic growth, experts say. In the GCC alone, the event and exhibition market is expected to reach $827 million by 2029, growing at a CAGR of 3.94 per cent, studies show. Following the global success of mega-events such as the FIFA World Cup Qatar 2022 and Expo 2020 Dubai, momentum is building across the region as Saudi Arabia prepares to host the 2034 World Cup. 'Big-ticket events provide a destination with an opportunity to establish brand positioning and exposure in a competitive global environment. These events play a vital role in supporting broader government objectives, but it is essential to invest in the right product for your destination,' Khalid Jassim Al Midfa, Chairman, Sharjah Commerce and Tourism Development Authority, said at a recent panel discussion Sebastien Doussin, Senior Vice President - Global Travel Services & Destination Management, dnata, reaffirmed the importance of large-scale events in destination positioning, referencing the growth of the Abu Dhabi Grand Prix, the surge of international golfing tournaments throughout the UAE and the launch of NBA events in the capital. Commenting on the impact of technology on events, Doussin said: 'Technology has already changed big-ticket events, especially in terms of distribution and customer experience. All of the ticketing for the FIFA World Cup in Qatar was completely digital through the official event app, offering flexibility and ease of use. Ultimately, technology enables an event to become more seamless, easier and enjoyable.' Noor Ahmad Hamid, CEO, Pacific Asia Travel Association (Pata), urged the industry to broaden the definition of big-ticket events to include exhibitions, conferences and cultural performances. He referenced Bangkok's weekly concerts, which are mainly K-pop driven, as examples of how live entertainment extends tourist stays. The recent ATM Travel Trends report highlights the rising appeal of live entertainment and sports in influencing travel decisions. Leisure events were outlined as the top opportunity for tourism growth among 50 per cent of industry experts, as consumer demand for in-person and cultural experiences has increased significantly in recent years. The trend of combining traditional leisure and business travel, or 'bleisure', has also accelerated as increased remote working and flexible working visas have enabled more people to live and work overseas. Building on this, business travellers are often extending their stays in destinations, creating a new opportunity in this rapidly expanding sector. The report also highlighted that business events (MICE) are emerging as a significant driver of tourism growth across the Middle East, complementing the region's thriving leisure sector. Global business travel reached a record $1.4 trillion in 2024 and is projected to rise to $2 trillion by 2030. The Middle East is well-positioned to capture a growing share of this lucrative market, increasing from approximately 2.5 per cent in 2024 to over 3 per cent by the end of the decade, supported by world-class infrastructure, a strategic location, and an expanding schedule of high-profile events. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'As big-ticket events continue to gain global prominence, their role in shaping the future of tourism, driving economic diversification and enhancing international reputation has never been more evident. The Middle East, with its strategic vision, world-class infrastructure and focus on innovation, is well-positioned to lead the next era of global event tourism.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store