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Wholesale inventories up, sales rebound

WASHINGTON (Reuters) - U.S. wholesale inventories rose at a slower pace in February than in the prior month, which could support views that restocking will not help the economy in the first quarter. The Commerce Department said on Wednesday wholesale inventories increased 0.5 percent after a revised 0.8 percent gain in January. February's increase was in line with economists' expectations. Stocks at wholesalers had previously been reported to have increased 0.7 percent in January.

Russia's 2014 GDP growth may be significantly below 1 percent: economy minister

MOSCOW (Reuters) - Russia's economy could grow significantly below 1 percent in gross domestic product terms (GDP) this year if current trends continue, Deputy Economy Minister Andrei Klepach said on Thursday. "Our economy is not in crisis, but there is stagnation," Klepach told a local conference. "If before we had expected that stagnation may come to an end in the first quarter or by mid-year, now we see risks that if measures are not taken it may continue."

Growth in rich economies crimped by destocking in Q4

Growth in rich economies slowed to 0.5 percent in the last quarter of 2013 because companies in Europe cut back their stocks of materials after a build-up in the third quarter, the OECD said on Thursday. In the third quarter, growth was 0.7 percent from output in the previous quarter, the 34-member OECD said. "In all major European economies destocking weighed down on growth, in part unwinding large build-ups seen in the previous quarter," the Organisation for Economic Cooperation and Development said.

Public sector spending jumps 46 pct over five years in 2012

SEOUL, April 3 (Yonhap) -- Spending by South Korea's public sector jumped 46 percent in 2012 compared with five years earlier, its total accounting for nearly half of the country's nominal gross domestic product (GDP), the central bank said Thursday. The public sector, which includes the central and provincial governments, and state-run companies, spent a combined 671.9 trillion won (US$635.2 billion) in 2012, compared with 460.1 trillion won in 2007, according to the Bank of Korea (BOK).

CP Exclusive: Report shows Ontario GDP to average 2.1 per cent over 20 years

TORONTO - Finance Minister Charles Sousa will release a long term economic report Wednesday that shows Ontario's economy is expected to grow "somewhat more slowly" over the next 20 years than in the past, The Canadian Press has learned. Documents obtained by the news agency show the province's real Gross Domestic Product will average 2.1 per cent growth between 2014 and 2035, compared with a global average of 3.1 per cent. The U.S. GDP is expected to average 2.4 per cent during the same period.

Russian GDP grows by two percent year-on-year in fourth-quarter of 2013

MOSCOW (Reuters) - Russia's gross domestic product (GDP) grew by 2 percent year-on-year in the fourth quarter of 2013, the Federal Statistics Service said on Tuesday, up from growth of 1.3 percent in the third quarter. The statistics service confirmed its preliminary estimate of GDP growth in 2013 as a whole at 1.3 percent. (Reporting By Jason Bush, Editing by Thomas Grove)

U.S. fourth-quarter growth raised to 2.6 percent

WASHINGTON (Reuters) - U.S. economic growth was a bit faster than previously estimated in the fourth quarter, displaying underlying strength that could bolster views that the slowdown in activity early in the year would be temporary. Gross domestic product expanded at a 2.6 percent annual rate, the Commerce Department said on Thursday, up from the 2.4 percent pace it reported last month. The revision reflected a stronger pace of consumer spending than previously estimated.

Spain's economy to grow 1.2 pct in 2014, 1.7 pct in 2015, central bank says

Madrid, Mar 26 (EFE).- Spain's gross domestic product will grow 1.2 percent this year, thanks to the first increase in consumer spending since the economic downturn in the Iberian nation started, the Bank of Spain said Wednesday. Economic growth should accelerate in 2015, when Spain's GDP is expected to expand by 1.7 percent, the central bank said in its March Economic Bulletin. Growth this year will benefit from a positive trend in consumer spending, the Bank of Spain said.

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.

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.
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