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Brazil enters recession in second quarter RIO DE JANEIRO: Brazil has fallen back into recession, deepening the gloom in the world's seventh largest economy already battered by falling commodity prices, political crisis and a corruption scandal.In the second quarter of this year, gross domestic product slipped 1.9 percent, according to official figures released Friday. Gross domestic product (GDP) had already been down 0.7 percent in the first quarter, the government statistics agency IBGE said.Brazil's economy has been in trouble for four years, ever since the end of a boom fueled by commodity exports, principally to China. Falling prices for oil and other commodities have punched huge holes in the budget.Adding to the economic malaise is a growing political crisis in which President Dilma Rousseff faces calls for her impeachment and discontent -- even among many of her own supporters -- over austerity measures.A huge corruption investigation named Operation Car Wash has revealed a bribes and embezzlement ...

South Africa's trade minister imposes steel tariffs with conditions CAPE TOWN: South Africa will introduce a new 10 percent customs duty on certain steel products, Trade and Industry Minister Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Cheap imports from China are hurting steel makers in South Africa, which currently does not have import duties on steel. As many as 200,000 jobs are at risk due to a global supply glut of the commodity, ArcelorMittal ...
Albania's trade gap widens yr/yr in July TIRANA: Albania's trade deficit grew to 30 billion leke ($242.82 million) in July, jumping 23 percent versus July last year and 20.3 percent on the previous month of June, the Institute of Statistics said on Friday.The annual drop in exports was mainly due to fewer shipments of minerals, fuel and electricity while the jump in imports came from purchases of machinery, equipment and spare parts. Copyright Reuters, 2015 ...
Euro zone sentiment edges to new four-year high in August BRUSSELS: Confidence in the euro zone's economy edged up to a new four-year high in August as rising domestic demand marginally outweighed a worsening view of export prospects and the mood brightened particularly in France and Spain. The European Commission's monthly economic sentiment indicator, published on Friday, rose to 104.2 in August, from 104.0 in July, against expectations in a Reuters poll of a slight dip to 103.8. "The tentative increase in euro-area sentiment resulted ...
Swiss economy posts surprise growth, skirting recession ZURICH: Switzerland's economy grew unexpectedly in the second quarter, skirting a recession as exporters weathered a strong franc better than some had expected. However, economists cautioned that picture was complicated by a fall in imports. This may have flattered the gross domestic product (GDP) calculation but could just mean Swiss manufacturers are ordering fewer components because they are making fewer products. The economy grew by 0.2 percent from the previous quarter, the State Secretariat for ...
Greek economy grew by 0.9pc in Q2 ATHENS: Greece's economy grew by 0.9 percent in the second quarter, official date showed Friday, improving on the 0.8 percent figure reported in a flash estimate earlier in August."Seasonally adjusted data indicate that in the second quarter of 2015 (output) increased by 0.9 percent compared with the first quarter of 2015 against the increase of 0.8 percent that was calculated for the flash estimate," the state statistics agency said, as the country headed for early ...
Zimbabwe's Mugabe inks law to stop mass lay-offs HARARE: Zimbabwean President Robert Mugabe has signed a new law banning mass lay-offs following a spate of redundancies that unions say put 30,000 people out of work, local media reported Friday.The Supreme Court ruled last month that employers could fire workers after giving them three months' notice and an equivalent of three months' salary.Several companies, including top mobile service provider Econet and the state-owned Zimbabwe Broadcasting Corporation, sacked many workers to tackle huge wage bills ...

 



 
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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