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While it expects its fourth-quarter profit to come in below last year's, it still expects the full-year figure to come in significantly higher than it did in 2006.
While it expects its main grant to fall by £45m it anticipates getting nearly £8m more so that the council tax can be frozen again.
While it expects a pickup to 3.8% in 2015, it warned its predictions could still be too optimistic.
It expects very high unemployment for at least the next three years, while it expects inflation to be below target.
While it expects people to make quarterly payments, it does not divide the year into the same quarters as everyone else.
And while it expects consumer spending on luxury items in first-tier cities will continue to increase about 8 percent annually, that of consumers in second- and third-tier cities is expected to increase at almost double that rate.
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Merck said that while it expected higher sales of its cancer-fighting vaccine Gardasil, its diabetes treatment Januvia and its allergy treatment Singulair next year, generic competition would drive down sales of another top seller, Fosamax, an osteoporosis treatment.
The association said that while it expected lower profits after an exceptionally strong first quarter, the decline "exceeded expectations".
The association said that while it expected lower profits after an exceptionally strong first quarter, the decline was steeper than expected.
The International Energy Agency IEAA) said there was a growing glut of crude on world markets, while it expected demand to slow next year.
While it expected an improvement from China to begin in the second half, difficult trading conditions in the Gulf were likely to continue in the near term.
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