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Spain caps pension rise to meet deficit target  MADRID: Spain will not make its usual end-of-year review to adjust pensions for 2012 inflation, the government said on Friday - a move to meet deficit goals that hits around 9 million retired people.   The government, breaking an electoral campaign pledge, said it would instead raise pensions by 1 to 2 percent in 2013 and tap reserve funds to ease liquidity tensions around pension payments.   Spain's fiscal situation left no choice over the decision as meeting a 2012 deficit target of 6.3 percent of output was the top priority for Spanish authorities, the centre-right government said.   "It was a difficult, painful decision because it was the last thing we wanted to do, but we had no other choice," Labour Minister Fatima Banez said at a news conference following the weekly cabinet meeting.   The move was unexpected as Prime Minister Mariano Rajoy had said earlier this year that he would protect pensions, the only remaining ...

IMF renews $73bn credit line for Mexico  WASHINGTON: The International Monetary Fund renewed a $73 billion standby credit line for Mexico on Friday, with the aim of giving the country a backstop amid global financial turbulence.   The new two-year "flexible credit line" is mainly precautionary, the IMF said as it renewed the facility for the third time since 2009.   "Since the global crisis, Mexico's economic growth has been resilient, supported by both external and domestic demand," said IMF deputy managing director David Lipton.   "However, important ...
Kenyan inflation rate slows NAIROBI: Kenya's year-on-year inflation fell for the 12th straight month in November, helped by falling fuel, transport and housing prices, and pointed to a possible further central bank rate cut in January.   Kenya and Uganda, east Africa's two main economies, have drawn interest from investors seeking higher yields but suffered from soaring inflation and weak currencies in 2011, causing policymakers to raise rates sharply to control the rot. The aggressive stance paid off.   Consumer prices in Kenya ...
Brazil grew a paltry 0.6 percent in third quarter BRASILIA: Brazilian economy expanded a paltry 0.6 percent in the third quarter of 2012 compared with the previous three months, signaling a weaker than anticipated recovery, the Brazilian statistics office said Friday.   The Institute of Geography and Statistics (IBGE) said the economy rose 0.9 percent in the July-to-September quarter compared with the same period of last year, and a mere 0.7 percent so far this year.   Market analysts and the government had expected GDP growth of one ...
EADS announces up to 850 job cuts in defence arm PARIS: European aerospace group EADS, which controls Airbus, said on Friday that it would shed up to 850 jobs through voluntary departures in a restructuring of its defence and security arm Cassidian.   The objective, announced in September, is to increase competitiveness with annual economies of at least 200 million euros ($260 million) per year by 2014.   Trade union sources said most of the job cuts will take place in Germany, with about a hundred each in France ...
Poland economy slows in third quarter WARSAW: Poland's economy slowed faster than expected in the third quarter, achieving adjusted growth on a 12-month basis of 1.9 percent from 2.5 percent in the second quarter, official data showed on Friday.   On a quarter-to-quarter comparison, output grew by 0.4 percent in the third quarter from the second, when growth was also 0.4 percent, the Central Statistics Office (GUS) said.   Economist Marek Zuber attibuted the sharp quarterly slowdown to doldrums in Germany -- Poland's main trade ...
Kenyan inflation rate slows to 3.25pc in November  NAIROBI: Kenya's year-on-year inflation rate fell for the 12th straight month to 3.25 percent in November from 4.14 percent a month before, the statistics office said on Friday.   A Reuters poll had given a median estimate of 3.95 percent.   Copyright Reuters, 2012 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
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WeeklyOctober 23, 2014
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