Ex­ports grew by 6 per­cent last year

Kathimerini English - - Front Page -

The to­tal value of ex­ports ex­clud­ing oil prod­ucts, for the 12-month pe­riod from Jan­uary 2012 to De­cem­ber 2012 in­creased by 6 per­cent com­pared to the pre­vi­ous year, ac­cord­ing to data pub­lished yes­ter­day by the Hel­lenic Sta­tis­ti­cal Author­ity (ELSTAT). The to­tal value of im­ports, ex­clud­ing oil prod­ucts, for the whole of 2012 de­creased by 5.8 per­cent com­pared to 2011. In De­cem­ber 2012, ex­ports, ex­clud­ing oil prod­ucts, amounted to 1.31 bil­lion eu­ros against 1.52 bil­lion in De­cem­ber 2011, which rep­re­sents a drop of 13.4 per­cent. The to­tal value of im­ports, ex­clud­ing oil prod­ucts, in De­cem­ber 2012 came to 2.41 bil­lion eu­ros, against 2.35 bil­lion a year ear­lier, an in­crease of 2.3 per­cent.

Er­do­gan-Basci.

Turk­ish Prime Min­is­ter Re­cep Tayyip Er­do­gan yes­ter­day backed an at­tack against the cen­tral bank by his econ­omy min­is­ter, who said Gov­er­nor Er­dem Basci risks be­ing dis­missed be­cause his mon­e­tary poli­cies are ham­per­ing growth. Basci’s ef­forts to sta­bi­lize the lira and cut the cur­rent ac­count gap re­duced Turkey’s pace of eco­nomic ex­pan­sion to about 3 per­cent in 2012 from an av­er­age 8.9 per­cent a year in 2010 and 2011. While that helped spur the best bond rally in emerg­ing mar­kets, it fu­eled con­cern in the government as Er­do­gan seeks to make Turkey one of the world’s 10 big­gest economies by 2023. Econ­omy Min­is­ter Zafer Caglayan threat­ened Basci with re­moval af­ter the gov­er­nor said he’d en­gi­neered a “soft land­ing” and the econ­omy was “pro­ceed­ing down the high­way,” ac­cord­ing to Hur­riyet on Fe­bru­ary 3. The cen­tral bank gov­er­nor can be re­moved from of­fice by a government de­cree, he said, ac­cord­ing to the news­pa­per. “Turkey won’t get to its 2023 goals on the high­way, friends, we need to fly,” Er­do­gan said, ac­cord­ing to Sabah news­pa­per last Fri­day. “Th­ese are very dam­ag­ing com­ments by Caglayan,” Ti­mothy Ash, chief emerg­ing­mar­ket econ­o­mist at Stan­dard Bank Plc, said in an e-mail from Lon­don on Fri­day. “Pres­sure to re­move the cen­tral bank gov­er­nor be­cause he is not push­ing the government’s growth agenda enough sends a very bad mes­sage to the mar­ket.”

Serb debt.

Ser­bia’s pub­lic debt nar­rowed 0.7 per­cent in Jan­uary as the government re­paid cred­its mainly to hold­ers of its bonds on the domestic mar­ket. To­tal pub­lic debt de­clined by 125 mil­lion eu­ros to 17.5 bil­lion eu­ros, with the pub­lic debt-togross domestic prod­uct ra­tio re­ported at 59.9 per­cent of Ser­bia’s eco­nomic out­put, the Bel­grade-based Fi­nance Min­istry said in an e-mailed state­ment yes­ter­day. Ser­bia re­paid cred­i­tors 413 mil­lion eu­ros in prin­ci­pal and 55 mil­lion eu­ros in in­ter­est last month, the min­istry said.

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