Economy

• Saturday, April 25th 2009 - 10:42 UTC

  Uruguayan farmers estimate drought losses in 868 million USD and 12.800 jobs

  

  The intense six month drought suffered by Uruguay this summer cost the farming sector an estimated 868 million US dollars and the loss of 12.800 jobs according to a report from the country’s main farmers’ organization. The loss breaks down to 75% livestock; 11% agriculture; 11% dairy farming and 3% citrus plantations.

• Saturday, April 25th 2009 - 10:38 UTC

  Brazilian unemployment climbs to 9% in March

  

  Brazilian unemployment remained steady with a growing tendency in March, having reached the highest since September 2007, 9%, reported the country’s Statistics and Geography Institute, Ibge.

• Saturday, April 25th 2009 - 10:31 UTC

  EIU downgrades Uruguay’s 2009 growth to 0.2%

  

  Uruguay will experience a serious deterioration of its exports in 2009 with impacts on the rest of the economy and growth limited to a mere 0.2%, according to The Economist Intelligence Unit, EIU.

• Saturday, April 25th 2009 - 10:26 UTC

  China poised to become the world’s second economy in 2010

  

  In spite of a considerable slowdown this year, China is poised to become in 2010 the world’s second largest economy, behind United States and ahead of Japan, according to the IMF World Economic Outlook released this week.

• Saturday, April 25th 2009 - 07:20 UTC

  UK economy shrinks 1.9% in the first quarter of 2009

  

  The UK economy shrank 1.9% in the first three months of 2009, according to gross domestic product (GDP) data from the Office for National Statistics. The contraction was much worse than had been expected and was the biggest three-month decline in GDP since the third quarter of 1979.

• Saturday, April 25th 2009 - 07:18 UTC

  Record unemployment in Spain: 17.36%, heading for 19.4%

  

  Spain's jobless rate rose sharply, to 17.36% in the first quarter of 2009 with more than 4 million people out of work, the government said Friday. Nearly half of the 4 million lost their jobs in the past year, the National Statistics Institute pointed out

• Friday, April 24th 2009 - 09:48 UTC

  Brazil not satisfied with IMF capitalization proposals

  

  Brazil and other emerging economies are willing to provide additional financing to the International Monetary Fund but they are still not happy with the capitalization mechanism proposed by the institution, Finance Minister Guido Mantega said on Thursday.

• Friday, April 24th 2009 - 05:09 UTC

  Ecuador firm on its sovereign bonds sharp discount buy-back scheme

  

  Ecuador will not change its offer to buy back 3.2 billion of defaulted debt at a sharp discount (70%), and appealed to investors to be mindful of its economic problems, Finance Minister Elsa Viteri said in a letter to bondholders, according to press reports from Quito.

• Friday, April 24th 2009 - 04:00 UTC

  Mercosur is going through “one of its worst moments”

  

  Mercosur is going through “one of its worst moments” and has several “pending critical issues” such as “free circulation of goods and people and mitigating asymmetries” said Walter Cancela head of Uruguay’s Economic Affairs, Integration and Mercosur Office.

• Thursday, April 23rd 2009 - 13:39 UTC

  IMF more upbeat about Chilean economy than the locals

  

  Chile's GDP will likely grow a marginal 0.1% on the year in 2009, recovering to a 3% in 2010, said the International Monetary Fund in its April World Economic Outlook released Wednesday. The IMF outlook is more optimistic than local analysts' outlook who forecast the Chilean economy will contract 0.5% this year.