Greek output down 20.1 percent

Updated 26 February 2013
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Greek output down 20.1 percent

ATHENS: The recession in Greece has cut output by 20.1 percent between 2008 and 2012, but the country's economy is "clearly improving" after avoiding the dangers of a default and euro exit, the governor of the Bank of Greece said yesterday.
European Central Bank governing council member George Provopoulos said Greece's economy would remain stuck in recession in 2013, with unemployment expected to continue rising this year.
"The danger of (financial) collapse has been overcome and exit from the euro made more remote, while trust is steadily being regained," Provopoulos made the remarks while presenting the central bank's annual report.
Greece's annual gross domestic product is set to contract by 4.5 percent this year, the report said, compared with the prediction made in the 2013 budget of a 3.8 percent output loss.
Provopoulos urged politicians not to use the country's recession "as an excuse" to avoid implementing austerity measures agreed with creditors from the euro zone and International Monetary Fund.
"Important developments have created a clearly improving situation for the state of the economy ... but there is no room for complacency," Provopoulos said.
Successive tax hikes and other austerity measures have pushed unemployment up to 27 percent, according to data for last November, while 61.7 percent of Greeks under age 24 are out of work.


Samsung Electronics reports 52% jump in Q1 net profit

Updated 26 April 2018
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Samsung Electronics reports 52% jump in Q1 net profit

  • Profits bump thanks to strong demand for memory chips, smartphones
  • Net profit for the January to March period hit 11.69 trillion won ($10.8 billion)

SEOUL:  Samsung Electronics reported a 52 percent jump in its first quarter net profit Thursday, thanks to strong demand for memory chips and its latest flagship smartphone.
Net profit for the January to March period hit 11.69 trillion won ($10.8 billion), up from 7.68 trillion won a year earlier, the company said in a regulatory filing.
Operating profit was a record 15.64 trillion won, in line with the estimate of 15.6 trillion won suggested in a preliminary guidance report released earlier this month.
“The semiconductor business posted solid earnings — 11.55 trillion won in operating profit on a 20.78 trillion won revenue — on strong demand for memory chips,” the company said in a statement.
Total sales grew 19.8 percent to 60.56 trillion won and Samsung expects the memory business to maintain its strong performance in the second quarter.
But generating overall earnings growth across the company will be a challenge due to weakness in the display panel segment and a decline in profitability in the mobile business in the face of rising competition, it said.