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Russian economy minister sees ‘big risks’ from low oil prices MOSCOW: There are "very big risks" that Russia's economic growth could turn negative in 2015 if oil prices remain close to present levels, Economy Minister Alexei Ulyukayev said on Friday, news agency Interfax reported. "This is of course very serious," Ulyukayev said, after warning that growth in real household income and retail sales could turn negative. "As a result there are very big risks that overall economic growth will be negative, and that investment (growth) will also turn out to be minus." In August, the ministry halved its official economic growth forecast for 2015 to 1 percent. The price of oil, Russia's major export, has plummeted in recent months, falling around almost $30 since June to around $85 per barrel. Next year's budget is based an oil price of $100 per barrel. Russia's economy is also seeing a marked economic slowdown and rising inflation as a result of Western sanctions ...

Sri Lanka cuts taxes, boosts subsidies before snap poll COLOMBO: Sri Lanka's president cut taxes and increased salaries, subsidies and welfare spending on Friday in a populist budget ahead of a troubled bid to win a third term.Mahinda Rajapakse made no direct reference during the budget announcement to his plans to seek a third term at an election that the government says will be held in January, two years ahead of schedule.But he hinted at confidence in the polls, saying, "I can't see any ...
Iraq's oil exports rising in October despite unrest LONDON: Iraq's oil exports from its southern terminals are holding close to a record high in October and Kurdish shipments are climbing, a further sign that fighting has not derailed an expansion of supplies from OPEC's second-largest producer. Four months after an advance by Islamic State into northern Iraq sent oil prices soaring to $115 a barrel, the unrest has not led to a reduction in Iraq's exports from the south, the main outlet for ...
Firm in China's first bond default to be restructured SHANGHAI: Creditors of the firm responsible for China's first domestic bond default have approved a restructuring plan in hopes of getting their money back, in an effective bail-out seven months after the landmark event.Shanghai-based Chaori Solar Energy Science & Technology Co. in March defaulted on interest payments of 89.8 million yuan ($14.7 million) for a five-year corporate bond issued in 2012.Under the restructuring scheme, a consortium led by a unit of Hong Kong-headquartered energy group ...
British economy slows down in third quarter LONDON: Growth of the British economy slowed in the third quarter of this year, official data showed on Friday in a context of concerns over the uncertain global outlook.Gross domestic product (GDP) grew 0.7 percent between July and September from output in the previous three months, the Office for National Statistics said in an initial estimate.The economy had expanded by 0.9 percent during the second quarter, and by 0.7 percent in the first quarter.But despite ...
German consumer confidence stops falling: survey FRANKFURT: Consumer confidence in Germany has stopped falling, as households appear to be no longer fazed by concerns about the economic fallout from geopolitical crises, a new poll found on Friday. Following the recent declines, "consumer sentiment rose again somewhat in October and the downward trend has come to an end," market research company GfK said in a statement."Consumers appear to be less unnerved by the ongoing geopolitical tensions and the ensuing economic slowdown. Both ...
German industry downgrades growth forecast BERLIN: The German BDI industry federation downgraded Thursday its growth forecast for the current year as the outlook for Europe's biggest economy continues to cloud over. BDI chief Markus Kerber said the federation is now pencilling in growth of 1.2-1.4 percent for the current year, after already cutting the forecast in September. "The economic outlook has darkened somewhat," but Germany would not slip into recession, Kerber said. BDI had already revised downwards its growth forecast ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln