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Greece close to emerging from recession: official data ATHENS: The Greek economy, in recession for six years, shrank again in the second quarter of this year, but by only 0.3 percent, revised data showed on Monday.The revised outcome from the statistics office Elstat was slightly worse than an initial estimate of minus 0.2 percent, but shows that the downturn is running out of steam, notably since the third quarter of last year.The government forecasts that from now on the economy will show slight quarterly growth, and that the outcome for the whole of 2014 will be growth of 0.6 percent.That would mark a a big step away from the national disaster of deep bankruptcy and rescue by the International Monetary Fund and European Union which came close to triggering a break-up of the eurozone.In exchange for loans totalling more than 240 billion euros ($315 billion), the country has applied deep, and highly unpopular, reforms and cuts to pay ...

Investments a priority if German growth continues: Merkel BERLIN: Investments will take priority if Germany has money available but the government first has to see how the economy develops, Chancellor Angela Merkel said on Monday after Europe's largest economy posted a budget surplus in the first half of 2014."First we have to see if the economic forecasts remain as they are. If we have more money, if in doubt we will spend it in the area of investment," she told a news conference. ...
Kenya inflation jumps in August, raises likelihood of interest rate hike NAIROBI: Rising food prices helped push up Kenya's inflation rate in August to its highest level since June 2012, the statistics office said on Monday, making it more likely that the central bank will lift interest rates in coming months.Year-on-year inflation rose to 8.36 percent in August from 7.67 percent in the previous month, the Kenya National Bureau of Statistics said in a statement.On a monthly basis, inflation rose 0.94 percent from July."With the (central ...
Japan PM adviser calls for delay in next sales tax hike till 2017 TOKYO: A key economic adviser to Japanese Prime Minister Shinzo Abe said on Monday that the next sales tax rise should be delayed by a year and half, to 2017, as a tax hike in April has hit the economy harder than expected.Etsuro Honda, a prominent outside architect of Abe's reflationary policies, added to a recent chorus of cautious views on the sales tax hike planned for next year, clouding the outlook for Japan's efforts ...
Putin says spending from Russia's sovereign fund can't be raised: Interfax MOSCOW: Russia cannot spend more of the $83 billion parked in its National Wealth Fund (NWF), President Vladimir Putin said on Monday, after the government recently raised the cap on how much of the fund can be used for domestic investments.Spending pressure on the government has increased as a result of the Ukraine crisis, which has led several Russian companies to request state finance to compensate for the closure of western capital markets.The NWF, a ...
Turkey's August exports rise 5.2pc to $11.07bn ISTANBUL: Turkish exports in August rose 5.2 percent year-on-year to $11.07 billion, bringing exports in the first eight months of the year to $104.62 billion, the Turkish Exporters' Assembly (TIM) said on Monday.Exports to major trading partner Iraq fell 27 percent to $632 million last month, TIM also said, less of a fall than in previous months. Trade between the neighbours has been hit since June when Islamic militants seized swathes of northern Iraq and ...
Ireland bucks the trend in euro zone's stalled recovery DUBLIN: Ireland is significantly bucking the trend in the euro zone's stalled recovery with evidence building from companies to consumers that the economy is set to grow faster than most on the continent this year and beyond.It's not back to Celtic Tiger days by any means.The economy may match that of 2006 by the end of the year, but will still be off the 2007 pre-crisis high. House prices are still more than 40 percent ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln