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Taiwan raises 2014 economic growth forecast TAIPEI: Taiwan on Friday raised its full-year economic growth forecast for 2014 to a three-year-high of 2.98 percent, citing rising private investment and consumer spending. The government revised the gross domestic product figure upward from an estimate of 2.82 percent made in February., If achieved it will be the island's highest growth since 2011 when the economy posted a rise of 4.19 percent. Full-year private investment was forecast to increase 4.73 percent, boosted by an expansion in semiconductor, aviation and telecommunication sectors while consumer spending was expected to grow 2.58 percent, Taiwan's Directorate-General of Budget, Accounting and Statistics said.The agency also raised the first quarter growth forecast to 3.14 percent on-year, up from a 3.04 percent prediction made in February, although 2013 full-year economic growth was downgraded by 0.02 percentage points to 2.09 percent.Growth in Taiwan's export-reliant economy has been buoyed by a steady economic recovery in developed countries as ...

Spain mayor apologises in racism row MADRID: A Spanish mayor has apologised after being accused of racism by Romanian immigrants for a foul-mouthed tirade against thieves. Mayor Josu Bergara was recorded in a meeting last year boasting that he had made sure "the scum no longer come" to his northern town of Sestao.Five Romanian families lodged a complaint against him in court, accusing him of illegally refusing to register them as residents in the Basque town.They submitted a video of his ...

German business confidence index Ifo disappoints in May FRANKFURT:- The German Ifo business confidence fell in May, data showed on Friday, as companies become less optimistic about their future business development. The Ifo economic institute's closely watched business climate index fell to 110.4 points this month from 111.2 points in April. That is a slightly steeper fall than expected: analysts had been pencilling in a fractional dip to 111.0 points.Companies' assessment of their current business situation was "no longer as favourable as in ...

Five dead in fighting near Ukraine's Donetsk: AFP KARLIVKA: At least five people were killed in fighting early on Friday between pro-Russian militiamen and Ukrainian forces near the eastern city of Donetsk, an AFP photographer said.The photographer said he saw five bodies near the village of Karlivka northwest of Donetsk, four of them apparently rebels and the fifth possibly from a volunteer force attached to the military.Fighting in the east has witnessed a bloody resurgence ahead of Sunday's presidential election that the pro-Russian ...

Makkah mega project unveiled ISLAMABAD: The Saudi Arabia government plans to spend SR160 billion over the next 20 years to expand Makkah with a new residential area for 800,000 people.The Makkah Gate project was unveiled in Jeddah by Osama Al-Bar, the mayor of Makkah, and Essam Kalthoum, Managing Director of the project.Al-Bar briefed Makkah Gov. Prince Mishaal bin Abdullah and journalists on the first phase of the project, which will start in July this year, Arab News reported."This is ...

German upturn driven solely by domestic demand in Q1 FRANKFURT: Growth of the German economy, Europe's biggest, was driven exclusively by booming domestic demand in the first quarter, while foreign trade put a brakes on activity, data showed on Friday. German gross domestic product (GDP) expanded by 0.8 percent in the period from January to March, the federal statistics office Destatis said in a statement, confirming a flash estimate released a week ago.That is the biggest GDP increase in three years."Positive impulses came exclusively ...

UN chief slams attack on a Xinjiang market UNITED NATIONS: UN Secretary-General Ban Ki-moon condemned Thursday's attack on civilians at an open-air market in Xinjiang, China, and said he hoped that those responsible will be brought to justice.At least 30 people died and more than 90 were injured when attackers crashed two vehicles into the market and threw explosives, according to media reports.In a statement issued by his spokesperson, Ban, who just wrapped up an official visit to the country, expressed his condolences ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln