The seasonally adjusted Halifax Bank of Scotland's Index of house prices showed a slight rise in the price of houses in the United Kingdom in December after declines in the three previous months. The Index rose 1.3% from 629.5 [...]
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Louise Curley
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Global| Dec 18 2007In Spite of Lower than Expected Inflation in Canada and the Uk in November, Stagflation Fears Are Rising
Both Canada and the United Kingdom reported lower than expected core inflation for November. In Canada, core inflation excluding food and energy was 1.76% while headline inflation was 2.47%. In the UK, comparable figures were 1.47% [...]
- Global| Dec 17 2007
UK Rightmove House Price Index Has Biggest Month to Month Decline since Beginning of Series
Another indicator of trouble in the U.K.'s housing market, the Rightmove House Price Index, fell 3.2% in December, the largest month to month decline since its inception in January, 2002, as can be seen in the first chart. This index [...]
- Global| Dec 11 2007
Pessimism Increases in the Financial Community of the Euro Area
Institutional investors and analysts surveyed by ZEW the Center for European Economic Research at Manheim are becoming increasingly concerned about the economic outlook for the Euro Area and Germany, in particular. Among other [...]
- Global| Dec 10 2007
Real GDP Slowing in Turkey, Estonia and Russia Inflation Moderating in Turkey, but Rising in Estonia and Russia
Third Quarter data on the composition of Gross Domestic Product, in real and nominal terms were released today for Turkey, Estonia and Russia.
The year to year rise in the real seasonally unadjusted data for all three countries has been slowing, as can be seen in the first chart. In Turkey, for example, the real increase in the third quarter was 1.5%, down from 4.0% in the second quarter and 6.8% in the first quarter. In Estonia the deceleration was more modest. The year to year rise in real GDP in the third quarter was 6.4%, down from 7.6% in the second quarter and 10.1% in the first quarter. In Russia, the deceleration has been minimal. In of this year, the increase in real GDP was 7.9%, in the second quarter 7.8% and in the third quarter, 7.7%.
Inflation trends, as measured by the year to year increase in the deflator, have been mixed as can be seen in the second chart. Inflation has been declining in Turkey but rising in Estonia and Russia. Inflation in Turkey, which recently peaked at 9.4% in the second quarter of 2006, is now down to 7.7%. Inflation in Estonia in the third quarter was 9.6%, compared with 9.5% in the second quarter and 8.6%in the first quarter. And in Russia, inflation almost doubled from 7.5% in the first quarter of this year to 13.4% in the third quarter.
GROSS DOMESTIC PRODUCT
(Y/Y % Chg)Q3 07 Q2 07 Q1 07 2006 2005 2004 TURKEY Real 1.51 4.05 6.79 6.15 7.36 9.01 Nominal 9.34 12.84 16.06 14.75 12.59 19.09 Deflator 7.71 8.45 8.66 7.93 4.99 9.36 ESTONIA Real 6.38 7.56 10.10 11.19 10.15 8.26 Nominal 16.57 17.77 19.68 18.06 16.99 10.23 Deflator 9.62 9.49 8.65 6.18 6.20 1.82 RUSSIA Real 7.65. 7.77 7.90 6.71 6.37 7.15 Nominal 22.13 20.89 19.97 23.87 26.82 28.23 Deflator 13.45 12.19 7.49 16.09 19.20 19.97 - Global| Dec 04 2007
Are the Gulf States About to Abandon Their Dollar Pegs?
The countries included in the Gulf Cooperation Council (GCC)--Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates--have, with the exception of Kuwait, pegged their currencies to the U. S dollar for over the past [...]
- Global| Dec 03 2007
Japanese Corporations Report Lower Profits and Capital Spending
Profits of all nonfinancial Japanese corporations declined 0.7%, in the third quarter, the first year to year decline since the second quarter of 2002. Spending on plant and equipment declined 1.2% after having declined 4.9% in the [...]
- Global| Nov 26 2007
Mexico and Chile: Balances of Payments
Mexico and Chile released third quarter data on their balances of payments today. Mexico's account balance continues to run between a little below and a little above -1% of GDP while that of Chile has been positive for the past three [...]
- Global| Nov 19 2007
Singapore's Balance of Payments Continues Strong
Singapore's current account continues to climb. In the third quarter, it was S$20,773 mil. on a seasonally unadjusted basis compared with S$18,263 million in the second quarter and S$14,289 million in the third quarter of 2006. The [...]
- Global| Nov 13 2007
Economic Sentiment Among the German Financial Community Takes a Tumble in November
After remaining steady in October at -18.1%, the ZEW indicator of economic sentiment among institutional investors and analysts for the next 6 months took a tumble in November, falling sharply to -32.5%. The decline brought the [...]
- Global| Nov 12 2007
Japanese Consumers Becoming More Pessimistic
Another indicator that all is not well in Japan was released today. The seasonally unadjusted diffusion index of consumer confidence for a two or more person household was 42.8% in October, compared with 44.1% in September and 48.2% [...]
- Global| Nov 06 2007
German Manufacturing New Orders and Sales Declined in September
The index of German new orders for manufacturing goods fell 2.6% in September to 133.6 (2000=100) from August, but was still more than 5% above September, 2006. The index of manufacturing sales fell 1.1% in September from August but [...]
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