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07.03.2011 15:50 Brazil recorded a 7.5-per cent annual GDP growth in 2010 over the previous year

Brazil, Latin America`s largest and the world`s fifth-largest nation recorded a 7.5-per cent annual GDP growth in 2010 over the previous year, becoming the world`s seventh-largest economy surpassing Italy. According to latest data released by the Brazilian Institute of Geography and Statistics (IBGE), Brazil`s economy grew to 3.67 trillion Brazilian reals ($2.1 trillion) in 2010. Commenting on the strongest growth in 24 years, Brazilian president Dilma Rousseff said, "It`s a very reasonable number which shows Brazil has the capacity to grow." "The 2010 growth rates demonstrate that the Brazilian economy is growing at a significant and sustainable pace, which supports the country`s plans for long-term investment projects," the nation`s finance minister Guido Mantega said. "We expect GDP to grow around 4.5 to 5.0 per cent in 2011, a rate that would be sustainable and generate no inflationary pressures," Mantega further stated. The growth was led by the industry sector, which expanded 10.1 per cent, followed by the agriculture sector recording 6.5 per cent growth and services sector 5.4 per cent.

17.02.2011 21:26 Euro area GDP up by 0.3% and EU27 GDP up by 0.2% in the fourth quarter of 2010

GDP increased by 0.3% in the euro area (EA16) and by 0.2% in the EU27 during the fourth quarter of 2010, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the third quarter of 2010, growth rates were +0.3% in the euro area and +0.5% in the EU27. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 2.0% in the euro area and by 2.1% in the EU27 in the fourth quarter of 2010, after +1.9% and +2.2% respectively in the previous quarter. During the fourth quarter of 2010, US GDP increased by 0.8% compared with the previous quarter (after +0.6% in the third quarter of 2010), and decreased by 0.3% in Japan (after +0.8%). Compared with the same quarter of the previous year US GDP rose by 2.8% (after +3.2% in the previous quarter) and by 2.6% in Japan (after +4.7%). Over the whole year 2010, GDP increased by 1.7% in both the euro area and the EU27.

06.02.2011 14:52 The IMF upgraded the world GDP to expand by 4.4 percent instead of 4.2 percent this year and by 4.5 percent next year

Even as the global recovery continues to advance, the International Monetary Fund (IMF) believes that it still remains uneven as the growth in emerging markets, including the Philippines, would outpace the expansion in advanced economies particularly the US and Europe. In its latest World Economic Outlook released 25.01.2011, the IMF upgraded the world output as measured by the gross domestic product (GDP) to expand by 4.4 percent instead of 4.2 percent this year and by 4.5 percent next year. The institutional lender expects the global GDP to expand by 5.0 percent last year after contracting by 0.6 percent in 2009. The IMF raised the GDP growth target of advanced economies including the US, Euro area, Japan, United Kingdom, Canada and other countries by 0.3 percent to 2.5 percent instead of 2.2 percent this year after expanding by 3.0 percent. The output of advanced economies contracted by 3.4 percent in 2009. IMF said the projected growth this year and next year in advanced economies is still sluggisg considering the depth of the 2009 recession and insufficient to make a significant dent in high unemployment rate. For emerging and developing markets, the IMF upgraded the GDP growth target to 6.5 percent instead of 6.4 percent this year and 6.5 percent for next year. The GDP in emerging and developing economies zoomed to 7.1 percent last year from 2.6 percent in 2009. In Asia, IMF said the growth of China would ease to 9.6 percent this year from 10.3 percent last year while the growth in India would also slowdown to 8.4 percent from 9.7 percent. In both 2011 and 2012, growth in emerging and developing economies is expected to remain buoyant at 6.5 percent, a modest slowdown from the 7 percent growth registered last year and broadly unchanged from the October 2010 WEO. Growth in Southeast Asia that includes Indonesia, Malaysia, Philippines, Thailand, and Vietnam is also expected to ease to 5.5 percent this year from 6.7 percent last year.

29.01.2011 15:34 US GDP grows at 3.2 percent in fourth quarter of 2010

The US economy accelerated in the fourth quarter of 2010 as consumer spending climbed by the most in more than four years. Gross domestic product grew at a 3.2 per cent annual rate, Commerce Department figures showed today in Washington, falling short of the 3.5 per cent median forecast of 85 economists surveyed by Bloomberg News because of a slowdown in inventories. Excluding stockpiles, the economy rose at a 7.1 per cent pace, the most since 1984. For all of 2010, the world`s largest economy expanded 2.9 per cent, the most in five years, after shrinking 2.6 per cent in 2009. The volume of all goods and services produced rose to $13.38 trillion, for the first time surpassing the pre-recession peak reached in the fourth quarter of 2007.

15.01.2011 21:00 US industrial production increased 0.8 percent in December 2010

US industrial production sharply rebounded 5.8 percent in 2010 from a slump the prior year, with December output jumping 0.8 percent, double expectations, official data showed. The December increase followed a 0.3 percent rise in the industrial production index in November, the Federal Reserve reported. The full-year advance of 5.8 percent in industrial production marked a turnaround but not a complete recovery from the 9.3 percent plunge in 2009 as the economy struggled to exit recession. The Fed`s 2010 index figure still was 5.0 percent below its level before the 2008-2009 recession. In December, output was boosted by a 4.3 percent rise in energy production "as unusually cold weather boosted the demand for heating," the central bank said. "Industrial production, led by manufacturing and mining, finished the year on a strong note and is poised to sustain growth in 2011, said Thomas J. Duesterberg, CEO of the Manufacturers Alliance/MAPI. "Expansion in manufacturing was led by information processing equipment, up 14% for the year and 1.8% in December, machinery, up over 15% for the year and over 4% for the final quarter, and plastics, up over 9% for the year and 1.5% in December. "Looking ahead, improving consumer spending, strong export markets, and the need for capital spending to replace worn out equipment should drive further growth. Some specific areas to look for improved performance in 2011 are: aerospace, where production was down by 0.1% last year, as new and improved large commercial aircraft models go into full production; the auto sector, where stronger consumer spending, attractive new models and an aging car fleet suggest continued growth; and mining and oil and gas equipment, a sector where global demand is accelerating and the United States has a competitive advantage."

10.01.2011 15:02 China`s economy grew by around 10 percent in 2010

China`s economy grew by around 10 percent in 2010, with retail sales up 18.5 percent, showing that it is now relying more on domestic consumption, Vice Premier Li Keqiang said in remarks published on January 08th. "The driving force of domestic consumption is rising, and its increase contributed over 90 percent to economic growth (in 2010)," Li told business leaders in Berlin, according to a transcript of his speech published in the official People`s Daily. "We have the confidence, conditions and capability to maintain long-term stable and fast economic growth," he said. Central bank governor Zhou Xiaochuan also said this week that gross domestic product grew by around 10 percent in 2010. Li added that China aimed to expand domestic consumption and enable its people to enjoy a greater share of the fast growth in the next five years. He also voiced confidence Europe could overcome its sovereign debt crisis, saying Beijing was paying attention to it and would offer its support. China has publicly promised to buy government debt from Greece and Spain, but has abstained from providing specific values for its investments.

20.12.2010 22:05 Russia Industrial Output and Factory Prices Surge In November 2010

Russian industrial output growth accelerated to a three-month high in November, data from the Federal Statistics Service showed. At the same time, Russia`s industrial producer prices climbed twice as fast as in the previous month. Production rose 6.7% year-on-year in November compared to 6.6% growth in the previous month. On a monthly basis, output edged up 0.1%. After adjusting to seasonal and calender variations, the output remained 0.2% above October`s level. During the January to November period, production increased 8.4% compared to the same period last year. Manufacturing output climbed 10.1% annually in November, faster than the 9.9 growth in the previous month. Mining output grew 2%, while production and supply of electricity, gas and water was up 0.1%. In another report, the statistical agency noted that Russia`s factory prices rose 4.4% month-on-month in November, compared to 2.2% increase in October. Annually, prices surged 16% compared to 6.5% rise a year ago.

11.12.2010 19:17 Japan`s economy grew a revised 1.1 percent in July-September 2010

Japan`s economy grew a revised 1.1 percent in July-September from the previous quarter, exceeding an initial government estimate, but that offered little comfort to policymakers wary of slowing growth in the current quarter. The revised GDP translates into annualised growth of 4.5 percent, exceeding an initial reading of 3.9 percent and above the 4.1 percent rate expected by economists, due to upward revisions in capital spending and inventories. Japan`s revised GDP data showed capital spending up 1.3 percent in July-September from the previous quarter, compared with the preliminary 0.8 percent increase and a 1.4 percent gain expected by economists. Personal consumption was revised slightly upward to a 1.2 percent gain, against an initial reading of 1.1 percent. Analysts polled by Reuters expect the economy to shrink 0.1 percent this quarter as exports slow and auto output slumps after the expiry of government incentives for purchases of low-emission cars.

23.11.2010 21:03 Euro area and EU27 GDP up by 0.4% in the third quarter of 2010

GDP increased by 0.4% in both the euro area (EA16) and the EU27 during the third quarter of 2010, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the second quarter of 2010, growth rates were +1.0% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.9% in the euro area and by 2.1% in the EU27 in the third quarter of 2010, after +1.9% and +2.0% respectively in the previous quarter. During the third quarter of 2010, US GDP increased by 0.5% compared with the previous quarter, after +0.4% in the second quarter of 2010. US GDP rose by 3.1% compared with the same quarter of the previous year (+3.0% in the previous quarter).

30.10.2010 14:45 US GDP rose at an inflation-adjusted annual rate of 2% in the third quarter

The U.S. economy remains mired in a sluggish recovery, unable to grow fast enough to create the masses of jobs needed to bring down unemployment. Gross domestic product, the broadest measure of the goods and services produced by the economy, rose at an inflation-adjusted annual rate of 2% in the third quarter, up from 1.7% in the second quarter, the government said. Businesses increased investment in equipment andfor the first time in more than two yearsin buildings. Consumer spending accelerated, marking its strongest growth since late 2006, though much of the added spending went for imports. Much of the third-quarter growth came from businesses building inventories, an unsustainable source of growth. Exports of goods and services grew at a 5% pace, but imports rose 17.4%. Residential construction plunged in the wake of the expiration of the home-buyer tax credit. State and local government spending contracted, as it has in six of the past eight quarters. Business spending on equipment and software jumped 12% in the third quarter, the GDP report showed, well below the nearly 25% pace of the second quarterbut still a sign that businesses are cautiously retooling. Business spending on structures rose 3.9%, the first increase since the second quarter of 2008. Inventories grew by $115.5 billion, accounting for 1.4 percentage points of the 2% gain in GDP. Meanwhile, wages continue to grow slowly. The Labor Department said that its employment cost index, a broad measure of salaries and benefits, increased 0.4% in the third quarter, down from 0.5% in the second quarter. The cost of benefits, which accounts for about a third of the measure, increased faster than growth in wages and salaries.


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