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Lukoil starts output from massive Iraq oilfield

One of the biggest undeveloped oilfields in the world has begun commercial production in south Iraq, officials said Saturday, part of ambitious plans by Baghdad to dramatically ramp up output. The announcement was made during a ceremony attended by Oil Minister Abdelkarim al-Luaybi and Deputy Prime Minister Hussein al-Shahristani, as well as officials from Russian energy giant Lukoil, the principal firm developing the enormous West Qurna-2 field.

S. Korea increases 2013 GDP growth to 3.0%

South Korea's economy expanded 3.0 percent last, the central bank said Wednesday, better than a previous estimate as it was boosted by robust exports and growth in the manufacturing sector. The revised figure for gross domestic product (GDP) -- the broadest measure of economic performance -- was higher than the 2.8 percent earlier stated and marked the fastest expansion since the 3.7 percent seen in 2011. However, the Bank of Korea also revised down its fourth quarter growth to 3.7 percent year on year, from a earlier estimate of 3.9 percent.

S. Korean economy grows 3 pct in 2013

By Kim Soo-yeon SEOUL, March 26 (Yonhap) -- The South Korean economy grew 3 percent in 2013, faster than an earlier estimate, as exports remained robust and consumer spending gained, the central bank said Wednesday. Korea's gross domestic product (GDP), the broadest measure of economic performance, was compared with a previous estimate of a 2.8 percent on-year gain, according to the Bank of Korea (BOK). The economy grew a revised 2.3 percent in 2012. The 2013 data marked the fastest yearly growth since 2011 when the GDP grew 3.7 percent.

Sri Lanka GDP growth below forecast, bank holds rates

Sri Lanka's economy grew a weaker-than-expected 7.3 percent last year, the country's central bank said Friday as it kept interest rates at multi-year lows as it looks to boost private investment and lending. The Central Bank of Sri Lanka said last year's expansion was much stronger than the 6.3 percent recorded in 2012 thanks to a pick-up in exports and foreign remittances. However, the figure was below the bank's 8.0 percent forecast as an expected rise in lending had not taken place.

Saudi 2013 GDP up 3.8%: central bank

OPEC kingpin Saudi Arabia's GDP grew by 3.8 percent in 2013, media on Sunday quoted Saudi Arabian Monetary Authority (SAMA) governor Fahad al-Mubarak as saying. The International Monetary Fund said last May that it expected growth in the largest Arab economy to fall to 4.4 percent in 2013 from 6.8 percent the previous year, blaming an anticipated drop in oil production and government spending. Mubarak said the 2013 budget surplus was 180 billion riyals ($48 bn), or 6.5 percent of gross domestic product.

Egypt's Finance Minister says deficit will be higher, growth lower than earlier forecast

CAIRO - Egypt's new finance minister revised downward his predecessor's economic growth predictions Wednesday, saying it will remain around 2 or 2.5 per cent for this year. Hany Kadry Dimian also told reporters that the budget deficit will stay high at 12 per cent, citing strains on the budget from subsidies, a rising wage bill, and other causes despite the inflow of large aid from Gulf countries. Last year's deficit of 13.7 per cent was a record high, while growth was an anemic 2.1 per cent.

S. Korea's ICT exports, trade surplus grow in Feb.

SEJONG, March 10 (Yonhap) -- South Korea's exports of information communication technology (ICT) products grew in February from a year earlier, together with its trade surplus in the sector, the government said Monday. Outbound shipments of ICT products rose 8.4 percent on-year to US$12.84 billion last month, according to the Ministry of Trade, Industry and Energy. The figure, however, marks a slight drop from $13.13 billion posted in the previous month.

S. Korea's trade surplus narrows on increased imports in Feb.

SEJONG, March 1 (Yonhap) -- South Korea's trade surplus shrank significantly from a year earlier last month as imports grew at a faster rate than exports, the government said Saturday. The country's overall outbound shipments rose 1.6 percent on-year to US$42.98 billion in February with its imports gaining 4 percent to $42.06 billion, according to the Ministry of Trade, Industry and Energy.

S. Korea's trade surplus narrows on increased imports in Feb.

SEJONG, March 1 (Yonhap) -- South Korea's trade surplus shrank significantly from a year earlier last month as imports grew at a faster rate than exports, the government said Saturday. The country's overall outbound shipments rose 1.6 percent on-year to US$42.98 billion in February with its imports gaining 4 percent to $42.06 billion, according to the Ministry of Trade, Industry and Energy.

S. Korea's trade surplus narrows on increased imports in Feb.

SEJONG, March 1 (Yonhap) -- South Korea's trade surplus shrank significantly from a year earlier last month as imports grew at a faster rate than exports, the government said Saturday. The country's overall outbound shipments rose 1.6 percent on-year to US$42.98 billion in February with its imports gaining 4 percent to $42.06 billion, according to the Ministry of Trade, Industry and Energy.
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