ATHENS: The Greek government Sunday slashed the gross domestic product (GDP) growth forecast for 2017 as it moved toward submitting new austerity measures, including a wider tax net, for approval by lawmakers.
The government lowered the GDP growth target for the year to 1.8 percent from a previous estimate of 2.7 percent, the state news agency ANA reported.
The latest estimate also falls short of the European Commission’s projection of 2.1 percent growth, set in February.
The downward revision appeared in the government’s budget proposal for 2017-2021, handed to the Parliament Saturday night, along with a bill proposing a tighter budget, ANA said.
Greece is seeking to meet the demands of creditors in an arduous bailout process with a proposed new law projecting tax increases for 2019 and 2020, even for income just above the poverty level.
That along with pension cuts — for the 14th time since the beginning of the crisis — is projected to earn €4.5 billion ($4.9 billion), according to ANA.
Part of a July 2015 bailout deal with the EU and the International Monetary Fund (IMF) to provide debt relief for the country, the new proposals are set for adoption Thursday night, according to parliamentary officials.
Lagging in the polls for being seen as caving to creditor demands, Prime Minister Alexis Tsipras will need full backing from his small majority of 153 out of 300 seats in the Parliament.
The right-wing opposition has said it will vote against the program.
During negotiations with creditors, Tsipras managed to secure some measures against poverty, such as cafeterias to serve free meals, day care and rent subsidies.
But the country’s main unions called for a national general strike Wednesday.
Greece slashes GDP forecast
Greece slashes GDP forecast
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
