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South Korea unveils $40bn economic stimulus package SEOUL: South Korea unveiled a $40 billion stimulus package Thursday as the finance minister warned of a risk of recession after the economy grew at its slowest rate for more than a year in the second quarter.Citing sluggish domestic demand in the wake of a devastating ferry disaster in April, the finance ministry cut its forecast for economic expansion in 2014 to 3.7 from 4.1 percent.The stimulus plan of 41 trillion won ($40 billion) includes 11.7 trillion won in expanded fiscal spending and 29 trillion won in extra financing support.The lion's share will be spent in the remainder of this year, with 3.0 trillion won earmarked for the beginning of 2015, the ministry said in a statement."Our economy now stands at a critical crossroads between making a leap forward and falling into a recession," Finance Minister Choi Kyung-Hwan was quoted as saying by the Yonhap news agency."A slump in domestic ...

UK retail sales growth quickens in July: CBI LONDON: British annual retail sales growth quickened in July and expectations for August also picked-up, a survey by the Confederation of British Industry said on Wednesday.The CBI distributive trades survey's retail sales balance rose to +21 in July from +4 in June and above economists' forecasts of +16.Sales expectations for August were +36, up from +17 in July.The data reinforced the idea that Britain is seeing a steady consumer-led recovery. Official data released in June ...
Japan to cut discretionary spending 10pc in next FY budget: draft TOKYO: Japan will cut discretionary spending such as public works by 10 percent in next fiscal year's budget, a draft document showed, as Prime Minister Shinzo Abe's government seeks to cut the government's enormous deficit even as it promotes growth.The savings of just under 4 trillion ($39 billion), detailed in the document seen by Reuters on Wednesday, are equivalent to the amount that the government wants to add for Abe's "growth strategy", economic reforms intended ...
Greek economy to grow 0.7 percent this year-research firm IOBE ATHENS: Greece's economy should grow 0.7 percent this year, pulling clear of a six-year recession, but its soaring unemployment rate is likely to drop less than hoped, the country's leading economic think tank said on Wednesday.The IOBE research institute had earlier predicted a small expansion for the year, without setting a forecast. Its GDP growth projection is broadly in line with the European Union and International Monetary Fund estimate of 0.6 percent.The recession has driven ...
UK mortgage approvals turn up in June despite housing curbs LONDON: British banks reported their first sizeable increase in mortgage approvals in five months in June but it was too early to gauge the impact of new mortgage restrictions, the British Bankers' Association said on Wednesday.BBA members approved 43,265 mortgages for house purchases in June, up from 41,881 in May and 13.5 percent higher compared to a year ago.Tighter rules on mortgage lending, requiring banks to check more closely that borrowers will be able to ...
Turkish 2014 c/a deficit seen below $50bn ANKARA: Turkey's current account deficit will end the year below $50 billion at around 5.5 percent of gross domestic product if growth in exports, output and employment continues, Economy Minister Nihat Zeybekci said. This will support a fall in annual inflation to below 7 percent next year, Zeybekci told reporters late on Tuesday, down from a current consumer price inflation level of 9.16 percent. Copyright Reuters, 2014 ...
Australian inflation rises 0.5pc in quarter SYDNEY: Australian inflation rose 0.5 percent in the three months to June, new figures showed Wednesday, giving the country's central bank room to keep interest rates at a record-low to support the economy.The consumer price index (CPI) had lifted 0.6 percent in the previous quarter, the Australian Bureau of Statistics (ABS) said.The latest figures took the annual rate of inflation to 3.0 percent, up from 2.9 percent in the year to March. But it remained ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
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WeeklyJuly 10, 2014
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