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Italy MILAN: Italy's value added sales tax (VAT) is set to rise by one point while tax on low incomes will drop, according to a draft bill aimed at reducing debt and helping protect the poorest in the recession-hit country.   The so-called "Stability Law", adopted by law-makers late on Tuesday after an eight-hour long debate, lays out budgetary measures for 2013 to 2015.   The government, which had previously said it wanted a two-point VAT rise from mid-2013, finally settled on a one-point rise to a maximum of 22 percent.   The bill also aims to give breathing space to people on lower incomes, who have been hit hard by severe austerity measures aimed at tackling the country's vast debt of 1.9 trillion euros ($2.4 billion) and staving off the debt crisis.   The government said it intended "to introduce an important element of equity by revising income tax and helping families on the lowest incomes to consume."   The ...

German think-tanks halve 2013 growth forecast FRANKFURT: Germany's leading economic think-tanks are set to halve their growth forecast for next year to 1.0 percent, the business daily Handelsblatt reported in its online edition on Wednesday.   The four leading institutes -- Ifo in Munich, IfW in Kiel, IW in Halle and RWI in Essen -- are scheduled to publish their twice-yearly economic forecasts on Thursday.   Quoting sources familiar with the latest updated projections, Handelsblatt said the think-tanks have also pared back their 2012 forecast ...
Portuguese banking group warns against transactions tax  LISBON: A European financial transactions tax would put Portuguese banks in a competitive disadvantage and may further complicate lending to the economy in a crisis-hit country already deep in recession, the head of its banking association said.   "Its application in just some member states would provoke market distortions with very negative consequences for the countries that impose it early," Fernando Faria de Oliveira wrote in an e-mailed reply on Wednesday to questions from Reuters.   But it was ...
Electronics hit as Philippine exports plunge MANILA: Philippine exports recorded their biggest slump for the year in August as demand for electronic products plunged in the United States, China and other key markets, the government said Wednesday.   Exports totalled $3.8 billion in August, down 9.0 percent from a year earlier, the National Statistics Office said in a statement, making it unlikely the government will achieve its target of 10 percent growth for the year.   Electronic products, which make up about half of the ...
S&P says India still faces rating cut risk despite reforms  MUMBAI: India still faced a one-in-three chance of a credit rating downgrade over the next 24 months, Standard & Poor's said, although a series of reform steps launched in September had slightly improved the country's prospects.   S&P's credit rating for India is BBB-, one notch above junk grade and the lowest investment rating in the BRICS g rouping of big emerging economies. S&P had lowered India's rating outlook to negative from stable in April.   "A downgrade is ...
Slow Egypt economy keeps Sept inflation down  CAIRO: Egypt's urban consumer inflation slowed to 6.2 percent in the 12 months to September 2012, the state statistics agency reported on Wednesday, indicating economic activity continues to be slow despite government efforts to raise business confidence.   Prices rose 6.5 percent in the 12 months to August 2012.   Egypt's economy was battered by more than a year and half of political turmoil after Hosni Mubarak was toppled last year, and investors are still wary of a nation ...
Norway OSLO: Norway's core inflation rose faster than expected in September but remained below the central bank's projection, indicating the bank may delay a planned interest rate hike.   The consumer price index (CPI) excluding volatile energy prices rose 1.1 percent year-on-year, data showed on Wednesday, ahead of analysts' forecast for 1.0 percent.   Headline inflation meanwhile came to an annualised 0.5 percent, in line with forecasts, as higher transportation costs were offset by cheaper electricity.   The central bank, which targets ...

 



 
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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
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln