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British 2013 economic growth downgraded to 1.8%

Britain's economy grew by less than thought last year, but still showed the fastest annual growth since before the financial crisis, revised official data showed on Wednesday. The nation's gross domestic product (GDP) expanded by 1.8 percent in 2013, down from the previous growth figure of 1.9 percent, the Office for National Statistics (ONS) said in a statement giving its latest estimates. That nevertheless marked the biggest annual expansion since 2007.

Shock investment slump and no Sochi surge deepens Russia's economic woes

By Jason Bush MOSCOW (Reuters) - A dramatic slump in capital investment by Russian companies in January pointed on Wednesday to Russia's ailing economy continuing to deteriorate fast. There was no sign in data of a boost from preparations for the Sochi Olympics as investment fell by 7 percent compared with a year earlier, a huge undershoot compared with analysts' forecast in a Reuters poll of a 0.5 percent rise.

China January inflation tame at seven-month low, producer prices extend slide

BEIJING (Reuters) - China's consumer inflation hugged a seven-month low in January and showed no signs of accelerating anytime soon, a consolation for the government which may need to loosen policy should economic growth founder. But in a sign the world's No. 2 economy faces continued headwinds, producer prices fell again in January in an uninterrupted decline that has lasted for nearly two years. Prices of raw materials and means of production all dropped across the board.

Argentina lifts controls on buying foreign currency

Argentina abandoned an unpopular ban on buying dollars Friday allowing citizens to once again hedge against the plunging value of the peso by hoarding their savings in foreign currency. The move came one day after the Argentine peso suffered its worse single-day fall in more than a decade, recalling memories of the country's 2001 financial crisis and increasing pressure on the government. President Cristina Kirchner's cabinet responded by dropping the unloved 2011 rule restricting access to foreign exchange

S. Korea's economic growth slows in Q4

By Kim Soo-yeon SEOUL, Jan. 23 (Yonhap) -- The South Korean economy grew at a slower pace in the fourth quarter than in the previous quarter as construction investment contracted, the central bank said Thursday. Korea's gross domestic product (GDP), the broadest measure of economic performance, grew 0.9 percent in the October-December period from three months earlier, compared with a 1.1 percent on-quarter gain in the third quarter, according to the Bank of Korea (BOK). The fourth-quarter growth was the slowest since a 0.8 percent on-quarter gain in the first quarter.

Global demand to boost Latam economic growth in 2014: U.N.

SANTIAGO (Reuters) - Growth in the economies of Latin America and the Caribbean is expected to gather pace next year, as a more favorable global outlook boosts demand for its exports, the United Nations economic body for Latin America said. The region is expected to grow by 3.2 percent in 2014, picking up from this year's forecast for 2.6 percent growth, the Santiago-based Economic Commission for Latin America and the Caribbean said in a report on Wednesday.

Decline in gas prices lowers US consumer prices 0.1 per cent in October; inflation stays tame

WASHINGTON - Cheaper gasoline lowered overall U.S. consumer prices slightly in October. But outside the steep drop at the pump, inflation stayed mild. The consumer price index fell 0.1 per cent last month, down from a 0.2 per cent increase in September, the Labor Department said Wednesday. The October decline was due mainly to a 2.9 per cent drop in gasoline costs, the largest since April. Over the past 12 months, overall prices have risen 1 per cent, well below the Federal Reserve's inflation target of 2 per cent.

EBRD bank cuts growth forecast for ex-Soviet bloc

The European Bank for Reconstruction and Development on Monday said it expected slower economic growth that previously forecast in its region of operation that mainly comprises the former Soviet bloc. The EBRD, which last year expanded its reach to emerging Arab democracies, said it expected average gross domestic product (GDP) of 2.0 percent in 2013 on weak growth in Russia and the eurozone, down from an estimate of 2.2 percent given in May. It had forecast 2013 output of 3.1 percent in January.

US economy clocks 2.8% growth in third quarter

The US economy grew at an annual rate of 2.8 percent in the third quarter, the government said Thursday in a report that revealed weakness in key consumer spending. The world's largest economy accelerated from a 2.5 percent pace in the second quarter, surprising analysts who had expected the Commerce Department's first read on third-quarter gross domestic product would show expansion at a weaker 1.9 percent pace.

U.S. Fed to keep stimulus program in place

Washington, Oct 30 (EFE).- The U.S. Federal Reserve on Wednesday announced that it will maintain its monetary stimulus program of buying $85 billion worth of bonds each month, citing the high unemployment rate as a cause for concern. At the close of its second-to-last meeting of the year, the Open Market Committee of the Fed, which sets U.S. monetary policy, called economic growth "moderate" and noted that there has been "a certain improvement" in the labor market.
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