ARAB NEWS: ACWA Power closes financing for TRSDC Project before Year End, NEOM Project in H2 2022

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ARAB NEWS: Eurozone economy shows slight growth with Austria leading the charge: Economic wrap

RIYADH – The quarterly growth rate of the eurozone’s economy was 2.2 percent. This is little different from the previous quarter’s growth rate of 2.1 percent. According to Eurostat estimates.

The countries with the highest growth rates were France, Portugal, and Austria. Their gross domestic product rose by 3.3 percent, 3.2 percent, and 2.9%, respectively.

In the meantime, Germany’s economy grew 1.8 percent and Italy’s by 2.6 percent.

The eurozone’s annual growth rate was 3.7% in the third quarter of this year.

US industrial production

According to the Federal Reserve, industrial production increased by 5.1 percent annually in October from 4.6 percent the month before.

After a decline of 1.3 percentage in the previous month, the country’s industrial production grew by 1.6% in October.

Both utilities and manufacturing output rose by 1.2 percent, while mining production was 4.1 percentage points higher than last year.

The US Census Bureau reported that the growth in monthly US retail sales in October reached 1.7 percent. This is more than the 0.8 percent recorded in March.

This is due to holiday shoppers’ spending on holidays early.

Italy’s Inflation

According to Italy’s National Institute of Statistics, the annual inflation rate in Italy rose to 3 per cent in October from 2.5 per cent in September.

This is the highest rate since September 2012 and was driven by rising energy prices as it surged by an annual rate of 24.9 percent. Prices of regulated energy products increased by 42.3 percentage.

Additionally, transportation costs increased by 2.4%.

The monthly inflation rate was also 0.7 percent in October, compared to a 0.2% deflation in October.

Jordan’s consumer prices

The annual Jordanian inflation rate fell to 1. 61% in October, down from 1. 84 percent was reported by the country’s statistical agency.

It was due to 0. 96 a 1% rise in transport costs and 0. 41 Percent increase in meat and poultry prices.

Consumer prices increased by 0.06 percent in October, down from 0.18% in October, down from 0.

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