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Sanction-hit Russian economy nears recession MOSCOW: The Russian economy is nearing recession, officials said Tuesday, with punishing Western sanctions over the Ukraine conflict set to keep growth at ultra-low levels and drive up inflation. "The economy is close to recession," said Oleg Zasov, the head of forecasting at the economy ministry, according to Russian news agencies.The ministry held its forecast at growth of just 0.5 percent this year, compared with 1.3 percent in 2013.A month ago, it had defiantly predicted growth of 1.0 percent when the West imposed its first sectoral sanctions over Moscow's support for pro-Russian rebels fighting in eastern Ukraine.But it has now slashed its forceast for 2015 in half, also to 1.0 percent.Russia's statistics office reported earlier this month that the economy grew by 0.8 percent in the second quarter on an annual comparison.Seasonally-adjusted quarterly data has yet to be released, which could show that Russia entered a technical recession as the ...

US durable goods orders shot up 22.6pc in July WASHINGTON: A large jump in aircraft orders sent US orders for durable goods rocketing 22.6 percent in July to a new monthly record, Commerce Department data showed Tuesday.Civilian aircraft orders led by aircraft manufacturer Boeing's order book quadrupled from June to $70 billion, driving up the overall total of durable goods orders to $300.1 billion, by far the best month ever.Leaving out the transport sector, durable goods orders fell 0.8 percent in the month, dragged ...

US home price gains slow in June WASHINGTON: Price gains in the US housing market slowed further in June as pent-up buying pressure eases, the S&P/Case-Shiller index showed Tuesday.Home prices continued to rise, but the 20-city price index rose at an annual rate of 8.1 percent in June, down from 9.3 percent in May and 10.8 percent in April.The deceleration is taking place around the entire country, a sign the market is stabilizing after the crash that began in 2006 followed by ...

Poland's jobless rate falls to 11.9pc in July, tad above forecast WARSAW: Poland's registered unemployment rate fell to 11.9 percent in July from 12.0 percent in June, statistics office data showed on Tuesday.Analysts polled by Reuters expected the unemployment rate to fall to 11.8 percent.The data also showed the unemployment rate as measured by the Labour Force Survey (BAEL) stood at 9.1 percent in the second quarter, down from 10.6 percent in the first quarter.Copyright Reuters, 2014

Russia sees 2014/2015 grain exports at 27.5-30mn T MOSCOW: Russia's Agriculture Ministry said on Tuesday it expected 2014/2015 grains exports at record-high 27.5-30 million tonnes, up from its previous forecast of 25-27 million tonnes.Grains crop is seen at at least 100 million tonnes this year, unchanged from earlier estimates, the ministry said in a statement.The ministry held a meeting on state interventions on the grains market on Tuesday and said state purchases would start in August. Russia plans to buy 5 million tonnes ...

Irish unemployment hits new post-crisis low in second quarter DUBLIN: Ireland's unemployment rate hit a post-crisis low of 11.5 percent in the second quarter, falling into line with the euro zone average for the first time since the country's international bailout.The headline rate, which hit a high of 15.1 percent two years ago, fell for the ninth quarter in a row, dropping from 12 percent in the three months to June, driven by jobs in administration, hospitality and agriculture, the Central Statistics Office said.Eurostat, ...

Russian ministry hikes inflation outlook, cuts 2015 growth forecast MOSCOW: Russia's Economy Ministry has ramped up its inflation forecasts and halved its 2015 economic growth forecast, adding to signs that tit-for-tat sanctions over Ukraine are seriously harming its economy.The ministry's forecasts are closely watched as they are referred to in matters such as budget planning.Deputy Economy Minister Alexei Vedev told a briefing on Tuesday that the ministry now saw inflation standing at 7-7.5 percent at the end of 2014, up from its previous forecast ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 25, 2014
Reserves $13.925 bln