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Germany lowers 2013 public deficit forecast to 0.2pc BERLIN: Germany on Wednesday gave an upbeat forecast for its public deficit this year, with the finance ministry saying it would hit 0.2 percent of gross domestic product.In April, Berlin had said it expected its 2013 public deficit to be 0.5 percent of GDP. Last year the country posted an account surplus. The data was included in a regular bi-annual report of public finances to the European Commission.Germany, Europe's top economy, said the 0.2-percent deficit figure covered budgets for the federal government, the 16 regional states and local governments.The finance ministry said it had seen improvement on all three levels. "Structurally, meaning adjusted for business cycle effects, the German state will for the second year in a row post a surplus," the ministry said.It said debt would decline by 1.5 points to 79.5 percent of GDP."Responsible budget policy but also the decline in debt resulting from measures linked to the ...

British PM offers vision beyond austerity MANCHESTER: British Prime Minister David Cameron will on Wednesday seek to persuade voters that he has more to offer than just austerity, promising a "land of opportunity" once economic growth returns.In his keynote speech to his Conservative party's annual conference, Cameron will draw clear dividing lines with the opposition Labour party as he sets out his goal for a majority in the 2015 election.The Conservative-led coalition government's public spending cuts are in their third year ...
Earthquake hits east coast of Spain MADRID: A mild earthquake struck Spain's east coast on Tuesday, the strongest ever measured in the area, just days after the government halted work on a big offshore gas storage plant following hundreds of recent minor tremors.Spain's National Geographic Institute said the earthquake at 0532 local time measured 4.2 magnitude, the strongest yet in the region around the Gulf of Valencia, a zone not normally known for seismic activity.The government last week ordered a stop ...
Italy Aug jobless rate rises to 12.2pc, youth unemployment hits record above 40pc ROME: Italy's seasonally adjusted jobless rate rose to 12.2 percent in August and youth unemployment hit a new all-time high of 40.1 percent, national statistics agency ISTAT reported on Tuesday.The overall jobless rate rose from an upwardly revised 12.1 percent the month before and returned to a peak reached in May.It was above the average forecast in a Reuters survey of analysts which pointed to 12.0 percent.Unemployment had followed an upward trend since early 2011 ...
EU lawmakers oppose new rules on pilot fatigue BRUSSELS: Lawmakers in the European Parliament rejected planned new EU flight time limits for pilots, saying the proposals did not go far enough to eliminate the risk of air crew fatigue.The European Commission says the new rules will improve safety by enforcing best practice across the 28-nation bloc, but members of the parliament's transport committee urged the EU executive to present new proposals with shorter time limits."The Commission has failed to provide sufficient scientific evidence ...
'War' on illegal drugs is failing: study PARIS: The global war on heroin, cocaine and cannabis is failing to stem supply, as prices of these drugs have tumbled while seizures of them have risen, according to a study published Monday.Researchers analysed data from seven government-funded programmes that tracked the illegal drug market over more than a decade.Three of the programmes monitored international drugs trafficking; three focused on the United States; and one tracked the drugs business in Australia.The prices of heroin, cocaine ...
Berlusconi tries to rally party against govt ROME: Italy Silvio Berlusconi on Monday sought backing from his party for a contested bid to bring down the government, as political instability hit the recession-hit economy on the financial markets.Berlusconi explained to members of his People of Freedom party, which has reverted to its old name of Forza Italia (Go Italy), the reasons why on Saturday he withdrew his support for the cabinet."I took the decision on my own in the night because Italians ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln