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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 from worsened confidence in industry being offset by improvements in the other business sectors (construction, services and, particularly, retail trade) and marginally higher consumer confidence," the Commission said in a statement. ING's Bert Colijn said the increase showed the euro zone economy was resilient, with little impact yet from China's slowdown. The economy's expansion was above the long-term average but there was no sign growth would accelerate. "The outlook indeed remains uncertain for euro zone ...

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 ...
Japan inflation flat, household spending slips in blow to Abenomics TOKYO: Japanese inflation fell back to zero in July while household spending dropped again, official data showed on Friday, as a slowdown in China threatens Japan's already precarious economic picture.The disappointing data are sure to stoke speculation that the central bank would be forced to unleash more stimulus later this year to counter a downturn in the world's number-three economy, which contracted in the April-June quarter.On Friday, government data showed core inflation, excluding volatile fresh ...
Philippine economic growth quickens to 5.6pc in Q2 MANILA: Philippine economic growth quickened to 5.6 percent in the second quarter, placing the country in a better position to weather the global fallout from China's economic woes, the government said Thursday.Boosted by higher government spending, the April to June gross domestic product (GDP) outpaced the 5.0-percent growth in the previous quarter, which was the lowest in three years, Economic Planning Secretary Arsenio Balisacan said.Government expenditures in the second quarter rose 3.9 percent compared to ...
China soybean imports slow after yuan devaluation SIEM REAP: Demand for soybeans from top importer China has slowed in the past few weeks, with bookings for November running at only half of levels seen a year ago, due to the recent devaluation of the yuan that has made overseas purchases expensive, traders said. Imports of the oilseed are coming under further pressure as the price of soybean products like soymeal have not risen much in yuan terms, making it uneconomical for crushers ...

 



 
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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