Current Affairs Global - 31 January 2015

1. The USA economy, largest in the world, grew by 2.6% in the fourth quarter of the previous year 2014. This growth rate was slightly lower than 5% growth witnessed in the previous quarter. Consumer spending, which has more than two-thirds weight in US economic activity, jumped by 4.3% in the fourth quarter which is the fastest growth in last nine years.

2. Euro zone deflation worsens as prices dropped by 0.6% in January across 19 member nations of the zone compared to same period last year. This is worse than December when prices dropped by 0.2% in the previous month of December.

3. The ICC has allowed Pakistan fast bowler Mohammad Amir to return to domestic cricket early from his five-year ban for his alleged involvement in spot-fixing. Earlier he was jailed for six months and banned for five years for his involvement in a spot-fixing scam during Pakistan-s tour of England in 2010.