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Croatia's forecast-beating second-quarter growth lifts 2015 hopes ZAGREB: Croatia's economy grew 1.2 percent in the second quarter year-on-year, the state statistics bureau said in its flash estimate on Friday, beating expectations and lifting hopes for full-year growth after a long recession. Analysts' forecasts were an average 0.7 percent, compared with first quarter growth of 0.5 percent year-on-year. "This is certainly a positive surprise driven by stronger household consumption and exports. I expect a similar figure in the third quarter, thanks to tourism, so on the annual level we could see growth of close to one percent," Splitska Banka analyst, Zdeslav Santic, said.This year looks set to be the first year of growth after six years of recession shaved some 13 percent off Croatia's overall output but analysts are not convinced that one of the weakest EU economies has laid foundations for higher growth in the future. "Croatia first needs to overhaul its economy and make it competitive ...

German inflation stays ultra low in Aug, state data suggests BERLIN: German consumer prices remained ultra low in August, data from states around the country suggest, putting pressure on the European Central Bank to consider additional stimulus measures as falling oil prices and a slowdown in China curb inflation. In North Rhine-Westphalia (NRW), the federal state that tends to act as a bellwether for the national inflation rate, consumer prices held steady at 0.2 percent on the year in August. In three other states annual ...

Euro zone sentiment edges to new four-year high in August BRUSSELS: Confidence in the euro zone's economy edged up to a new four-year high in August as rising domestic demand marginally outweighed a worsening view of export prospects and the mood brightened particularly in France and Spain. The European Commission's monthly economic sentiment indicator, published on Friday, rose to 104.2 in August, from 104.0 in July, against expectations in a Reuters poll of a slight dip to 103.8. "The tentative increase in euro-area sentiment resulted ...

EU clears DTZ's purchase of Cushman & Wakefield BRUSSELS: The European Commission said on Friday it had approved DTZ's planned purchase of peer Cushman & Wakefield Inc for an estimated $2 billion to create one of the world's largest real estate services companies. The combined group, which will have more than $5.5 billion in annual revenue and 250 offices in more than 50 countries, will retain the Cushman & Wakefield name. "The Commission concluded that the proposed acquisition would raise no competition concerns, ...

Swiss economy posts surprise growth, skirting recession ZURICH: Switzerland's economy grew unexpectedly in the second quarter, skirting a recession as exporters weathered a strong franc better than some had expected. However, economists cautioned that picture was complicated by a fall in imports. This may have flattered the gross domestic product (GDP) calculation but could just mean Swiss manufacturers are ordering fewer components because they are making fewer products. The economy grew by 0.2 percent from the previous quarter, the State Secretariat for ...

Italy police detain 10 suspected people traffickers in murder probe PALERMO: Italian police have detained 10 people on suspicion of multiple homicide and aiding illegal immigration after 52 migrants were found dead in the hull of a boat this week, a prosecutor's office source said on Friday. Police in Palermo, Sicily, held the suspects after a Swedish coastguard ship arrived at the port city on Thursday carrying the corpses of the victims and hundreds of survivors. Copyright Reuters, 2015

Greek economy grew by 0.9pc in Q2 ATHENS: Greece's economy grew by 0.9 percent in the second quarter, official date showed Friday, improving on the 0.8 percent figure reported in a flash estimate earlier in August."Seasonally adjusted data indicate that in the second quarter of 2015 (output) increased by 0.9 percent compared with the first quarter of 2015 against the increase of 0.8 percent that was calculated for the flash estimate," the state statistics agency said, as the country headed for early ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln