Connect with us

Economy

UAE’s VAT move moved well, inflation to moderate: IMF official

Published

on

2019042856950.jpg

DUBAI (Reuters) – The United Arab Emirates' introduction of value-added tax went smoothly and inflation, having jumped reacting, will moderate, their heads with the International Monetary Fund's mission to the united states said on Thursday.

Natalia Tamirisa said the 5 percent VAT rate imposed at the outset of this season would be a big cultural and administrative shift in a country that has traditionally had minimal taxation.

"Given the challenges, VAT introduction continues to be well managed and comparatively smooth," she told Reuters after a trip to the UAE for talks with authorities.

Annual consumer price inflation jumped to 4.8 percent in January, the greatest since 2019, but dropped to 3.4 % in March. Tamirisa said the latest data suggested the impact in the tax might be short-lived, partly because inflation had dropped in areas of the economy not paid by VAT.

Slumping areas in Abu Dhabi and Dubai have pulled down residential rents, that can be heavily weighted in consumer price indexes.

Inflation is expected to average 3.5 % in 2010, up from 2.0 percent last, and may ultimately settle around 2.Five percent, Tamirisa predicted.

She said the newest tax was required to lift revenues by 1.Five percent of gross domestic product eventually.

Tamirisa said property market weakness was developing a significant economic impact and authorities were required to monitor this carefully. Average rents sank 10.2 percent in Abu Dhabi in 2019 and 5.2 percent in Dubai, as per the central bank.

"You will find persistent supply coming into this market so at least to do this year, the account balance between supply and demand is likely to keep prices soft," Tamirisa said.

But partly because authorities had taken steps to limit speculation, the weak property prices wouldn’t pose a systemic threat for the economy while they did almost not many years ago through the Dubai overall economy.

Tamirisa said it was too early to assess the outcome on the UAE from the U.S. pullout with the Iran nuclear deal, partly as the have an effect on Iran itself has not been yet clear.

The UAE may gain advantage if Iran think it is harder to trade its oil, giving Arab oil producers more room to further improve their crude exports at higher prices. But Dubai has close business links with Iran and these could suffer, economists say.

Economy

Quantity of Hired Employees Exceeded Quantity of Self-Employed People Recently

Published

on

By

201903305307.jpg

In line with Mikabadze, that the amount of employed workers exceeded the sheer numbers of self-employed people and share with the overall quantity of employment equaled to 50,8%, ?indicates the increase in the amount of jobs generated from the productive sectors of economy.

\”The lessing of the unemployment rate has resulted in stable economic indicators which were observed within the recent times in Georgia in line the decreased rate of economic increase this particular region. It is crucial that the unemployment rate has reached the lowest mark within the last Many years. Unemployment is decreased both among women and men,\” C Ekaterine Mikabadze said.

According towards Deputy Minister, the unemployment rate among men has decreased by 1,1% totaling to 13,9%, while among women the cell number was decreased by 1,5% and equaled to 11,2. Normally, the number of unemployed in 2018 was decreased by 30,7 thousand people plus the range of employees amounted to ?245,7 thousand person.

According to Ekaterine Mikabadze, the amount of employees in 2018 decreased by 12,4 thousand and 1694,2 thousand. \”A small decline in how many employed people as a result of a decrease in how many self-employed people, and also the quantity of employed workers significantly was increased by 35,9 thousand and amounted to 860,2 thousand people. How many self-employed people was decreased by 48,2 thousand and equaled to 833,4 thousand persons,\” C the Deputy Minister noted.

Continue Reading

Economy

Competition on Borjomi Park concept Announced

Published

on

By

201903305313.jpg

Based on the official documentation, the concept includes: long-term vision with the development of Borjomi Central (historical) park, upkeep of historical-cultural function – development; Expansion of park’s perspectives; Growth and development of recreational function; Upkeep of the diversity of flora, if needed, add new species; Landscape design visions; Arrangement of paths, attractions and logistics.

Competition involves 2 stages. Applications is going to be completed on March 15. Inside first stage, the jury will select the best projects. Next the 3 winners shall be revealed by their involvement and public participation. Your second stage will end on April 5.

“Anybody or group playing competition may present the repair in?Borjomi municipality.

Continue Reading

Economy

237.5 So many Georgian Citizens are Unemployed

Published

on

By

201903305255.jpg

In 2018 the annual unemployment rate decreased by 1.2 percentage points compared to 2017 and amounted to 12.7 percent.

It must be noted how the downtrend inside the unemployment rate is maintained in the last nine years, furthermore in 2018 unemployment rate reached the minimum level over the past 15?years.

In IV quarter 2018 economically active population constituted 63.6 percent from the working age population (population aged 15 and older). In comparison to the previous quarter, the efficient?activity rate and employment rate decreased by 0.7 percentage points. The employment rate in?urban settlements decreased by 0.2 percentage points compared to the previous quarter plus?rural settlements – 1.3 percentage points. As compared to the previous quarter the commercial activity?rate in rural settlements decreased by 1.6 percentage points, when it\’s in urban settlements remained?unchanged.

Traditionally, the unemployment minute rates are higher for males than women. In IV quarter 2018 the indicator was 2.6 percentage points higher for men when compared to the corresponding indicator for girls.

Continue Reading

Trending

Copyright © 2019 Betrose.com