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German factory orders fall in July FRANKFURT: German industrial orders, a key measure of demand for goods in Europe's top economy, fell in July, weighed down by declining demand outside the euro area, the economy ministry said on Friday. Provisional official data showed a decrease of 1.4 percent month-on-month, following an increase of 1.8 percent in June. Analysts polled by financial services firm FactSet had pencilled in a shallower drop of 0.6 percent for July. The decline was attributable to weaker foreign demand for German-made goods. Export orders fell by 5.2 percent, while domestic orders increased by 4.1 percent, the ministry calculated.Orders from the eurozone rose by 2.2 percent, while orders from outside the single currency area were down by as much as 9.5 percent.The ministry was confident, however, that the overall trend remained "sharply upwards." "Orders for capital goods, in particular, has been dynamic since the spring," it said. Industry was benefitting from strong demand ...

US service sector growth eases a bit in August WASHINGTON: The US economy's service sector growth eased back in August from July's fast pace, with employment, export orders and prices declining, the Institute for Supply Management said Thursday.The ISM non-manufacturing purchasing managers index (PMI) fell to 59.0 in August from the July surge to 60.3.The August decline was less than expected, with analysts' estimates hovering around a 58.4 number.A reading above 50 indicates growth. The service sector, which accounts for roughly 80 percent of ...
ECB cuts growth, inflation forecasts for 2015-2017 FRANKFURT: The European Central Bank on Thursday cut its forecasts for both economic growth and inflation in the single currency area over the next few years.The ECB, in its regular staff projections, was pencilling in growth of 1.4 percent for 2015, 1.7 percent for 2016 and 1.8 percent for 2017, president Mario Draghi said.That represented a reduction from the previous set of projections in June, when the bank had been forecasting growth of 1.5 percent, ...
US trade gap narrows in July WASHINGTON: The US trade deficit narrowed in July as exports increased and imports fell sharply, led by a decline in consumer goods, the Commerce Department reported Thursday.The trade gap in goods and services was $41.9 billion in July, down from an upwardly revised $45.2 billion in June.The shrinkage was stronger than expected, with analysts putting it at $42.7 billion.Analysts said the improvement could bode well for economic growth in the third quarter."Much better core numbers, ...
Canada trade deficit narrows to Can$593 million in July OTTAWA: Canada's trade deficit narrowed to Can$593 million (US$447 million) in July, the government statistical agency said Thursday.Analysts had forecast a much larger deficit of Can$1.4 billion, after a Can$811 million shortfall was posted in June.Exports increased 2.3 percent to Can$45.5 billion in July, led by foreign sales of passenger cars and light trucks, consumer goods, and aircrafts and parts, according to Statistics Canada.These gains were partially offset by a decrease in exports of energy ...
South Africa's business confidence falls to new 16-year low in August JOHANNESBURG: South Africa's business confidence fell 4 index points in August to its lowest level in more than 16 years, a survey showed on Thursday due to subdued domestic economic performance and global financial market turmoil led by slowing growth in China. The Business Confidence Index fell to 84.3 in August, retracting to an even lower level than in June after increasing 87.9 in July, the South African Chamber of Commerce and Industry (SACCI) said ...
French unemployment stable at 10pc in second quarter PARIS: French unemployment was stable in the second quarter at around 10 percent, official data showed on Thursday, as the EU's second-largest economy continues to grapple with a stagnant economy.Including overseas territories, the unemployment rate among the working population was also largely unchanged from the previous three months at 10.3 percent, equivalent to around 2.9 million people, the data from Insee showed. Over the past year, the unemployment rate in all of France's territory has ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln