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Libya budget crisis as oil revenues plunge 80%

Libyan oil revenues, which fund nearly all government spending, have plunged by 80 percent since protesters began blocking oil terminals in July, creating a budget crisis, the premier said Wednesday. "We are now facing an economic crisis" that could force the government to "take out loans and not be able to honour its obligations on payment of salaries," Prime Minister Ali Zeidan told journalists.

Iraq oil sales recover from lows, but still below peak

Iraq's oil exports in October recovered from a 19-month low, but remained far below their peak due to ongoing maintenance and sabotage of pipelines, figures released on Saturday showed. Iraq exported 69.8 million barrels of oil in October, or 2.25 million barrels per day, resulting in overall revenues of $7.16 billion (5.28 billion euros), according to the oil ministry. The figures marked an increase from September's 19-month low of 2.07 million bpd, but remained below the 2.62 million bpd exported in April.

Domestic-led third-quarter growth bolsters Germany in showdown over trade

By Michelle Martin BERLIN (Reuters) - A robust rise in domestic demand overshadowed weak exports to drive a 0.3 percent expansion in the German economy in the third quarter, giving the government ammunition in its showdown with Brussels over euro zone trade imbalances. The European Commission is investigating Germany's persistently high current account surplus amid criticism that it relies too heavily on exports, yet Friday's breakdown showed that net trade deducted 0.4 percentage points from third-quarter growth.

KDI revises up 2013 growth outlook to 2.8 pct

SEJONG, Nov. 19 (Yonhap) -- South Korea's economy is expected to grow 2.8 percent this year, a state-run think tank forecast Tuesday, revising up its growth outlook slightly based on the optimism that the economy has entered into a "recovery phase" amid improving export growth. The growth estimate by the Korea Development Institute (KDI) is higher than the 2.6 percent gain predicted in May. The think tank also hiked its growth estimate for next year from 3.6 percent to 3.7 percent, though it is slightly lower than the government's 3.9 percent growth outlook.

Croatia says deficit to swell to nearly double EU limit

Croatia, which just joined the European Union, indicated Thursday that its public deficit would swell to nearly double the EU limit. In presenting a revised 2013 budget, the government indicated that public deficit would come in at 16.3 billion kunas (2.1 billion euros, $2.9 billion), or 5.5 percent of gross domestic product (GDP). Just two months ago it had forecast it would keep the deficit to 3.5 percent of GDP, closer to the EU ceiling of 3 percent.

US trade gap widens sharply in September

The US trade deficit increased sharply in September, to $41.8 billion, as imports swelled, the Commerce Department reported Thursday. The increase in the trade gap was much larger than analysts expected, with the average estimate pegged at $39.1 billion. The Commerce Department slightly downwardly revised the August trade deficit to $38.7 billion, previously estimated at $38.8 billion. In September, US imports jumped $2.7 billion from the prior month to $230.7 billion. Exports fell to $188.9 billion from $189.2 billion in August.

Norway to spend more oil money as economy slows

Norway will tap more into its enormous oil revenue as the economy slows, the new government announced Friday. The minority conservative-populist coalition which took power in October plans to use about 139 billion kroner ($23 billion, 17 billion euros) of public sector oil revenue in 2014 -- 3.9 billion kroner more than envisaged by the previous left wing government. The cash injection -- announced in a series of amendments to the previous government's 2014 budget proposal -- will mainly go towards tax cuts, including scrapping inheritance tax and lowering income tax.

China's exports return to growth with 5.6 per cent rise in latest sign of economic rebound

HONG KONG - China's exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world's second-largest economy. Exports rose 5.6 per cent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September's unexpected and rare decline of 0.3 per cent, blamed on weak global demand.

Iraq oil exports plunge to 19-month low

Iraq's oil exports hit a 19-month low in September, oil ministry spokesman Assem Jihad said on Sunday, attributing the decline to maintenance and improvement projects at the country's ports. Iraq exported 62.1 million barrels of oil in September, or about 2.07 million barrels per day (bpd), Jihad said -- the lowest daily average since February 2012. The country earned $6.511 billion from the exports, its lowest monthly figure in over a year.

Iraq oil exports plunge to 19-month low

Iraq's oil exports hit a 19-month low in September, oil ministry spokesman Assem Jihad said on Sunday, attributing the decline to maintenance and improvement projects at the country's ports. Iraq exported 62.1 million barrels of oil in September, or about 2.07 million barrels per day (bpd), Jihad said -- the lowest daily average since February 2012. The country earned $6.511 from the exports, its lowest monthly figure in over a year.
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