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As the RBA puts it, "increases in wages benefited employees by more than they cost employers": But since 2012, the fall in our export prices has reversed this situation.
"All our major projects in our core business — upstream, midstream and downstream — will continue with very simple efforts to meet demand both in Russia and in our export markets," Mr. Medvedev said.
"This was way above market expectations... and is the biggest surplus since August 2011, which is a pretty good outcome given the fall in our export prices which has occurred since then," Mr Oliver added.
"We are also concerned at the long-term effect on the Scotch Whisky industry in our export markets, a matter we hope the government will consider closely given its policy priority to boost exports".
Moving ahead will require changes in our export and manufacturing policies, tax schemes, worker training and pension reform in addition to our health policy.
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We have a huge software industry in the US that just isn't counted in our exports.
And with China alone responsible for 75% of America's trade deficit in manufactured goods, the solution is absolutely not going to be found in our exporting more pork rinds to Beijing.
"Nevertheless demand still remains weak and much continues to depend upon a return to growth in our major export markets, increased participation in exporting by Scottish businesses and on the policies of the Scottish and UK governments".
"Recovery in our largest export market -- the euro area -- appears to have stalled," Mervyn A. King, governor of the Bank of England, told a committee in Parliament.
We've had a collapsed banking system, we have massive amounts of debt, personal household debt, big government deficits, and now we've got this enormous problem in our main export market".
We have had a collapsed banking system, we have massive amounts of debt - personal household debt, big Government deficits - and now we have got this enormous problem in our main export markets.
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