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Indonesia to cut budget deficit to 1pc of GDP in 2019 JAKARTA: Indonesia's new government plans to cut its budget deficit to one percent of gross domestic product by 2019, partly by reforming the tax system, the finance minister said on Thursday.A shortfall in tax revenue estimated at $6.15 billion threatened to push the 2014 budget deficit in Southeast Asia's largest economy to breach a legally binding limit of 3 percent of GDP.The new government of President Joko Widodo wants to curb the budget deficit, which forces Indonesia to issue bonds to pay interest on outstanding loans."The way to achieve this is through reform in tax administration," Finance Minister Bambang Brodjonegoro told a news conference. Brodjonegoro had earlier vowed to keep this year's budget deficit at 2.4 percent of GDP.Brodjonegoro said he would revise the target for next year's budget deficit to 2 percent or less, below the 2.2 percent proposed by the former administration.Lowering the budget deficit is key to ...

Greek unemployment drops to 25.5pc in Q3 ATHENS: Greece's jobless rate dropped to 25.5 percent in the third quarter compared with 26.6 percent in the previous three-month period, data from the country's statistics service showed on Thursday.The rate was the lowest recorded since the third quarter of 2012, when joblessness stood at 24.9 percent.About 75.4 percent of Greece's 1.23 million jobless are long-term unemployed, meaning they have been out of work for at least 12 months, the figures showed.Athens has already published ...
Indonesia says considering removing govt subsidies for gasoline next year JAKARTA: Indonesia's Chief Economics Minister Sofyan Djalil on Thursday said the government is considering removing subsidies for gasoline next year, but would maintain subsidies for diesel."The option is fixing subsidy (per litre) for diesel, then we will uncouple gasoline, make gasoline a non-subsidised fuel," Djalil told reporters.He said the policy wouldn't need parliament's approval.Indonesia allocated 246.5 trillion rupiah ($19.63 billion) for fuel subsidies in its 2014 budget. The 2015 budget presented in September, one month ...
Cautious Japanese firms holding record assets: BoJ TOKYO: Japanese firms are holding a record amount of cash equivalent to almost half the country's gross domestic product, Bank of Japan figures showed Thursday, despite growing calls to open up those corporate coffers.The currency holdings and deposits of non-financial, private-sector companies jumped to 233 trillion yen ($1.96 trillion) at the end of September, up 4.2 percent from a year ago, according to the data. Japan's GDP in the year to April 2013 -- the ...
German business confidence grows in December BERLIN: German business confidence rose again in December, the Ifo economic institute said Thursday, as the prospects for Europe's biggest economy grew sunnier.The Ifo institute's closely watched business climate index rose to 105.5 points this month from 104.7 points in November, the think tank said. "The outlook for the months ahead continued to brighten," Ifo chief Hans-Werner Sinn said in a statement."Dropping oil prices and a falling euro exchange rate are seasonal gifts to the ...
Polish parliament approves 2015 budget bill WARSAW: Poland's parliament approved the country's state budget bill late on Wednesday, with 236 members of the 460-seat parliament supporting the bill, 205 voting against it and 3 abstaining. The bill assumes that Poland's economic growth in 2015 will stand at 3.4 percent, with annual inflation reaching 1.2 percent and public deficit at 2.8 percent of the country's gross domestic product. Copyright Reuters, 2014 ...
Swiss government sees economy gaining steam in next two years ZURICH: The Swiss government expects the economy to strengthen over the next two years, albeit at a slower pace than previously forecast as it revised down its forecast for growth next year citing an uncertain environment. "The Swiss economy remained on a upwards course in 2014. However the mood indicators in the last months signal rising uncertainty in view of further economic development," economists at the State Secretariat for Economics (SECO) said in a statement ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln