Serbian exports are up 3.4 percent year-on-year. Also in business news: Cyprus will cut public sector wages and the BiH parliament adopted the 2013 budget.
Cars produced in Serbia contributed to the country's export growth. [AFP]
Serbian exports are set to expand by at least 25 percent in 2013 thanks to increasing car and oil product sales abroad, Finance Minister Mladjan Dinkic said. In the first 10 months of this year, Serbia's exports totalled 7.24 billion euros, up 3.4 percent from the same period a year ago.
The Cypriot parliament on Friday (December 7th) adopted deep cuts in public wages and higher taxes as part of a provisional bailout memorandum it reached with international creditors. The measures, which were voted unanimously and took effect immediately, envision cutting salaries in the public sector by between 6.5 percent and 12.5 percent.
Co-operation between Albania, Greece and Turkey can be an effective way to relieve the consequences of the global financial crisis, businessmen from the three countries said at a business forum in Tirana on Wednesday (December 5th). The participants highlighted Albania's investment potential in the field of tourism, trade and technology.
Turkey's economic growth is at its slowest pace since 2009 in the third quarter, official data showed on Monday (December 10th). GDP over the period grew by 1.6 percent on an annual basis after posting a 3 percent growth in the second quarter and a revised 3.4 percent in the first quarter. The government expects full-year growth to be at 3.2 percent.
In an effort to promote foreign investment, Macedonia has adopted a series of measures, including offering citizenship, Dnevnik newspaper reported on Monday (December 10th). According to the proposal, foreigners who invest at least 400,000 euros in the country and create 10 jobs will be able to apply for a Macedonian passport.
Bosnia and Herzegovina's (BiH) parliament adopted the country's 2013 budget last week, a precondition for releasing the next 60 million-euro instalment of its 405 million-euro standby arrangement with the IMF. BiH has already drawn 60 million euros under the two-year loan, which it received in September.
The European Bank for Reconstruction and Development) and Erste & Steirmaerkishce Bank d.d. announced on Monday (December 10th) they are lending 40 million euros to small businesses and individual customers in Croatia. The funds will be offered through investment loans and working capital facilities aimed to boost the small- and medium-sized enterprises' competitiveness.
(Various sources -- 05/12/12-12/12/12)