Europe - Economic Data & News 01 (May 08 - Oct 08)
Posted: Wed May 07, 2008 5:27 pm
Euro Zone Manufacturing PMI Eases To 52.3 In February
3/3/2008 6:38:04 AM Euro zone's monthly Purchasing Managers' Index for manufacturing industry dropped to 52.3 in February from 52.8 in January, a final report from the Royal Bank of Scotland and NTC Economics revealed Monday. The reading for February came in line with flash estimate.
PMI readings among the big-four euro nations showed the widest variation for seven-and-a-half years, with continued robust growth in Germany.
RBS Chief Euro Area Economist, Jacques Cailloux said “The final PMI data for February signaled the resumption of slower activity in the Euro zone manufacturing sector due to the combined headwinds of slower economic growth in export markets, the strong euro and high commodity prices.â€
Spanish Feb. PMI Registers Lowest Reading For Over Six Years
UK Feb. Construction PMI Falls More-Than-Expected
3/4/2008 5:43:17 AM UK's construction Purchasing Mangers' Index eased to 52.4 in February from 53.9 in the prior month, the latest report from Chartered Institute of Purchasing and Supply and NTC Economics showed Tuesday. This was the lowest reading since June 2006. The reading declined more than the expected level of 53.
The report stated the UK construction economy pointed to a muted performance of the sector. A PMI reading above 50 indicates expansion in construction sector and a level below 50 suggests contraction.
Roy Ayliffe, Director of Professional Practice at the Chartered Institute of Purchasing and Supply said, “Although the construction sector started the year on a favorable note, latest data shows that it is undeniably starting to suffer from the tougher market conditions.â€
Euro Zone Q4 Economic Growth Slows
3/4/2008 5:24:59 AM Euro zone economy grew 0.4% sequentially in the fourth quarter, the Eurostat said Tuesday. The economic growth eased from 0.7% recorded in the third quarter. The statistical office confirmed the fourth quarter sequential growth.
On an annual basis, Gross Domestic Product, or GDP rose 2.2% in the fourth quarter, revised down from 2.3% estimated earlier. In the third quarter, the GDP growth was 2.6%.
EU27 economy expanded 0.5% quarter-on-quarter and grew 2.6% from the prior year.
Euro Zone Producer Prices Grow In January
3/4/2008 5:39:12 AM As expected, the Euro Zone producer price index increased 0.8% month-on-month in January, faster than the 0.1% pace seen in December, the Eurostat said Tuesday.
On an annual basis, producer prices increased 4.9%, in line with expectations and higher than 4.3% in the prior month.
In the EU27, the index grew 1% on a monthly basis and 5.8% on an annual basis in January. The PPI grew 0.3% month-on-month in December, revised up from 0.2% earlier estimated. The year-on-year PPI growth is revised up to 4.7% from 4.5% for December.
Swiss GDP Growth Unexpectedly Accelerates In Q4
German Exports Grow In 2007; Trade Surplus Rises
3/4/2008 3:53:47 AM German exports grew 8.5% from the prior year in 2007, much larger than the 5.2% increase in imports, the Federal Statistical Office said Tuesday. The trade surplus increased to EUR196.5 billion from EUR159 billion in the year 2006.
German exports to EU nations increased 11.1% to EUR627.5 billion. Meanwhile, exports to third countries were up 4.1%, stayed far below average in 2007. Shipments to Russia surged 20.6% and exports to U.S. declined 5.9%.
Imports from China climbed 9.4% to EUR54.6 billion euros, while import of U.S. goods dropped 7.3% in 2007 and demand for Russian goods fell 4.2% (odd?).
Slovak Q4 Economic Growth Undergoes Upward Revision
Greek GDP Growth Slows In Q4
Euro Zone Retail Sales Recover In January
3/5/2008 5:27:16 AM Euro zone retail sales rose 0.4% month-on-month in January, reversing a 0.1% fall in December, the Eurostat said Wednesday. Economists were looking for 0.3% growth in January.
The retail sales index dropped 0.1% from the prior year, following a revised 1.8% decline in December. Retail sales number for December was revised from 2% fall initially estimated.
Retail sales in EU27 climbed 0.6% on a monthly basis and increased 1.8% from the previous year.
Swiss Jobless Rate Eases Slightly In February
German Factory Orders Fall In January
3/6/2008 6:28:46 AM Germany's manufacturing orders decreased 1.5% month-on-month in January, the German Economics Ministry announced Thursday. Economists had expected a fall of 0.4%. In December, new orders dropped by a revised 1.1%. Initially, a 1.7% fall was reported for December.
On an annual basis, orders in the manufacturing sector increased 9.5% versus 9.9% expected. The December growth was revised to 6.2% from 5.6% previously reported.
Dutch Feb. Annual Inflation Accelerates
German Labor Cost Index Rises In Q4
3/10/2008 5:04:32 AM The German labor cost index increased 1.1% year-on-year in the fourth quarter of the year, faster than 0.9% in the third quarter, the Federal Statistical Office said Monday.
On a sequential basis, labor costs were up 0.4%. In the year 2007, the labor cost index increased 0.9%, compared to 1.3% in 2006.
Czech Annual Inflation Remains Stable In February
Slovak Retail Sales Growth Accelerates In January
Norwegian Feb. Producer Price Index Growth Eases
Turkey's Industrial Output Strongly Recovers In January
German CPI Annual Inflation Holds Steady At 2.8% In February
3/14/2008 3:43:39 AM Germany's annual inflation remained unchanged in February.
The Federal Statistical Office, or Destatis, reported Friday that German consumer price index climbed 2.8% year-on-year in February, marking the same pace as in January. On a monthly basis, consumer prices rose 0.5% in February, reversing a revised 0.3% decline in January. The monthly fall in January was earlier reported as 0.4%. Thus, the flash estimates, released on February 29, were confirmed.
According to Destatis, the high year-on-year rate of price increase in February 2008 was largely due to markedly higher energy prices, both household energy and motor fuels. Excluding the price trend for mineral oil products, the year-on-year rate of price increase would have been 2.3%, the agency said.
Food prices accelerated 7.8% year-on-year. Prices of milk, cheese and eggs had a significant increase of 23.7%.
The latest report showed that harmonized CPI, or HICP, meant for EU purposes, climbed 2.9% year-on-year in February. The rate is same as in January.
The HICP inflation rate in the largest euro zone economy stays above the European Central Bank target, which is to keep inflation rates “below, but close to, 2% over the medium termâ€.
Compared to the previous month, the HICP was estimated to have moved up 0.5% in February.
The HICP estimate of February 29 was thus confirmed, the Destatis said.
French Business Sentiment Improves In February
Czech Industrial PPI Inflation Slows In February
Euro Zone Feb. Annual Inflation Accelerates
3/14/2008 6:17:31 AM Euro zone annual inflation stood at 3.3% in February, revised up from 3.2% estimated earlier, a final report from the Eurostat showed Friday. Annual inflation was 3.2% in January and 3.1% in December. A year ago, the annual inflation rate was 1.8%. Monthly inflation was 0.3% in February, in line with economists' expectations.
Consumer prices, excluding energy, food, alcohol and tobacco rose 1.8% year-on-year, up from 1.7% in January.
EU annual inflation in February was 3.4%, unchanged from January. Monthly inflation came in at 0.4% in February.
UK Feb. Annual Inflation Accelerates
3/18/2008 5:59:08 AM UK's annual inflation stood at 2.5% in February, up from 2.2% in January, the Office for National Statistics, or ONS, stated Tuesday. The annual inflation rate came in line with economists' expectations. Annual inflation continued to stay above the central bank's target of 2%.
On a monthly basis, consumer prices rose 0.7%, reversing a 0.7% fall in January. However, consumer prices rose less than the 0.8% expected by analysts. The core consumer price index climbed 1.2% annually in February, while economists were looking for 1.4% increase.
Further, ONS stated that the retail price index stood at 211.4, up from 209.8 in January. Compared to the prior year, retail prices growth was 4.1%, same as in January. Analysts expected 4.2% annual growth in retail prices. Excluding mortgage interest payments, retail prices were up 3.7%.
Swiss Q4 Industrial Output Growth Tops Expectations
Czech Seasonally Adj. Retail Sales Ex-auto Grow In January
Hungarian Construction Output Continues To Decrease In January
Finnish February Jobless Rate Eases
3/20/2008 3:52:12 AM German producer price inflation rose more than expected in February, official data showed Thursday.
The Federal Statistical Office indicated that producer prices rose at a faster pace of 3.8% year-on-year in February compared with 3.3% in January. The producer price index climbed more than the 3.4% expected by analysts. February's rate was the highest annual growth since December 2006, the report stated.
Annual rise in producer prices was mainly driven by cost of energy products, which climbed 7%. Excluding energy products, producer prices rose 2.7%.
The monthly growth in producer prices stood at 0.7%, down from 0.8% in January. Economists had expected producer price inflation to slow to 0.3%.
Electricity prices jumped 9.7% from the same month of last year, while it moved up 1.2% on a monthly basis. Meanwhile, natural gas prices dropped 2.1% annually and rose 0.9% over the previous month.
Prices of intermediate goods were up 3.2% year-on-year and consumer goods registered 4.5% annual growth. Engineering product prices increased 2.2%, while data processing equipment cost declined 29%.
Swiss Feb. Producer And Import Prices Rise Less-Than-Expected
Swiss February Watch Exports Increase
3/20/2008 4:32:27 AM Switzerland's watch exports value increased 18.3% year-on-year in February, the Federation of the Swiss Watch Industry reported Thursday.
The value of exports of wristwatches accounted for 1.2 billion francs, an increase of 18.8%. The report showed that exports of steel and gold wristwatches grew significantly.
UK February Retail Sales Unexpectedly Rise
3/20/2008 5:48:43 AM UK retail sales unexpectedly rose in February.
According to the Office for National Statistics, retail sales grew 1% month-on-month in February, in contrast to a 0.2% decline forecasted by economists.
On a year-on-year basis, retail sales were up 5.5%, much better than the 3.6% growth expected.
The ONS said, “Positive growth in retail sales continues, driven by food salesâ€.
French February Household Consumption Expenditure Increases More-Than-Expected
France's Basic Wage Growth Slows In Q4
Hungarian Retail Sales Drop In January
Italian Retail Sales Increase In January
Italian Consumer Confidence Falls To 4-year Low In March
CBI Cuts 2008 UK Growth Forecast
3/25/2008 2:19:38 AM UK's economic growth forecast for 2008 was downgraded and economic expansion is forecasted to be even slower in the next year, the Confederation of British Industry, or CBI, said Tuesday. The industry body cited the continued turbulence in the credit markets, rising commodity prices, and weakening domestic and global demand as the reasons.
In its latest quarterly forecast, the CBI sees UK economic growth at 1.8% for 2008, smaller than an earlier forecast of 2%. The business group also lowered its projection for 2009 and now expects growth of 1.7%. This is in contrast to the Chancellor's more upbeat growth projection of 2.25%-2.75% in the recent budget.
The CBI said, “Prolonged financial market freeze and rising inflation make for 'bumpier ride' in next two yearsâ€.
UK's Number Of House-buyers On Estate Agents` Books Decline In February - NAEA
3/25/2008 2:40:07 AM In the UK, the number of buyers registered on estate agents' books fell 12% month-on-month to 243 per agent in February, reports said Tuesday, citing data from the National Association of Estate Agents or NAEA.
The number of properties for sale dropped to an average 74 per estate agent in February.
The number of sales per agent stood at eight in February, unchanged from the previous month. However, this is down 38% from the same month last year.
German Construction Order Value Increases In January
3/25/2008 3:13:20 AM The total price-adjusted value of orders received in Germany's building construction and civil and underground engineering enterprises increased 10.7% year-on-year in January, the Federal Statistical Office reported Tuesday.
In building construction demand rose 13.5% and in civil and underground engineering, it increased 7.4%.
Meanwhile, the number of employees decreased 0.6% or 4,000 persons year-over-year to 681,000 at the end of January.
Spanish PPI Annual Inflation Stable In February
Swiss UBS Consumption Index Surges In February
Iceland's Central Bank Unexpectedly Hikes Policy Rate
German February Import Price Index Registers Highest Growth Since July 2006
3/28/2008 3:16:42 AM The German import price index increased 5.9% year-on-year in February, the Federal Statistical Office reported Friday. The statistical office noted that this is the highest year-on-year rate of price increase since July 2006, when the index climbed 6.3%.
In January, the import price index grew 5.2% followed by a 3.7% increase in December. On a monthly basis, import prices were up 1.1% in February.
The index of import prices, excluding crude oil and mineral oil products, was up 1.6% over the prior year.
Meanwhile, the index of export prices increased 2.2% year-on-year, quicker than 1.8% in January and 1.3% in December. Month-on-month export prices were up 0.6%.
UK House Price Inflation Slows To Lowest In 12 Years, Nationwide Says
3/28/2008 3:24:09 AM UK house prices dropped for the fifth month in a row in March, taking the annual house price inflation rate to its lowest level in twelve years.
The latest report from the Nationwide on Friday showed that house price annual inflation slowed sharply to 1.1% in March from 2.7% in February. The easing was much more than expected and the March rate is the lowest rate since March 1996. Economists were looking for a year-on-year rise of 2% for March.
On a monthly basis, house prices fell 0.6% in March, slightly more than the 0.5% dip in February. A moderate decline of 0.3% was expected.
The Nationwide noted that a clear change in sentiment since the late summer has led to the sharp slowing in house price growth. The trend was noticed even in the less volatile 3-month on 3-month series, on which house prices were 1.5% lower than three months ago.
“The outlook for UK house prices is clearly more downbeat than at the time of our November forecastâ€, the Nationwide said. The building society also said it expects the Bank of England's Monetary Policy Committee to bring its interest rate cut forward to April, given the disturbance in the financial markets and the continued weakening in the housing market.
French Consumer Confidence Decreases In March
Swedish Feb. Retail Sales Grow More-Than-Expected
Slovak February Producer Prices Grow In February
Finnish Q4 Government Revenue Growth Exceeds Expenditure
German February Retail Sales Much Weaker Than Expected
4/1/2008 2:21:59 AM German February retail sales data came in much weaker than expected.
The statistical office Destatis said Tuesday that retail sales declined 1.6% month-on-month in February, while economists had forecasted a 0.5% rise. On a yearly basis, retails sales fell 0.3%, in line with expectations.
Further, the statistical office downwardly revised the growth numbers for January retail sales. The monthly increase for January was downgraded to 0.9% from the earlier estimate of 1.6%, while the annual rise was lowered to 0.3% from 0.6%.
German Jobless Rate Falls More-than-expected In February
4/1/2008 2:25:36 AM Germany's ILO jobless rate stood at 7.4% in February, down from 7.6% seen in January, the Federal Statistical Office reported Tuesday. Economists had expected the rate to reach to 7.5%. A year ago, the jobless rate came in at 8.7%.
Jobless rate for men decreased to 7.4% in February from 7.6% seen in the prior month. Similarly, the female unemployment rate fell to 7.4% from 7.5% logged in January.
Estonia's Industrial Production Grows In February
3/3/2008 6:38:04 AM Euro zone's monthly Purchasing Managers' Index for manufacturing industry dropped to 52.3 in February from 52.8 in January, a final report from the Royal Bank of Scotland and NTC Economics revealed Monday. The reading for February came in line with flash estimate.
PMI readings among the big-four euro nations showed the widest variation for seven-and-a-half years, with continued robust growth in Germany.
RBS Chief Euro Area Economist, Jacques Cailloux said “The final PMI data for February signaled the resumption of slower activity in the Euro zone manufacturing sector due to the combined headwinds of slower economic growth in export markets, the strong euro and high commodity prices.â€
Spanish Feb. PMI Registers Lowest Reading For Over Six Years
UK Feb. Construction PMI Falls More-Than-Expected
3/4/2008 5:43:17 AM UK's construction Purchasing Mangers' Index eased to 52.4 in February from 53.9 in the prior month, the latest report from Chartered Institute of Purchasing and Supply and NTC Economics showed Tuesday. This was the lowest reading since June 2006. The reading declined more than the expected level of 53.
The report stated the UK construction economy pointed to a muted performance of the sector. A PMI reading above 50 indicates expansion in construction sector and a level below 50 suggests contraction.
Roy Ayliffe, Director of Professional Practice at the Chartered Institute of Purchasing and Supply said, “Although the construction sector started the year on a favorable note, latest data shows that it is undeniably starting to suffer from the tougher market conditions.â€
Euro Zone Q4 Economic Growth Slows
3/4/2008 5:24:59 AM Euro zone economy grew 0.4% sequentially in the fourth quarter, the Eurostat said Tuesday. The economic growth eased from 0.7% recorded in the third quarter. The statistical office confirmed the fourth quarter sequential growth.
On an annual basis, Gross Domestic Product, or GDP rose 2.2% in the fourth quarter, revised down from 2.3% estimated earlier. In the third quarter, the GDP growth was 2.6%.
EU27 economy expanded 0.5% quarter-on-quarter and grew 2.6% from the prior year.
Euro Zone Producer Prices Grow In January
3/4/2008 5:39:12 AM As expected, the Euro Zone producer price index increased 0.8% month-on-month in January, faster than the 0.1% pace seen in December, the Eurostat said Tuesday.
On an annual basis, producer prices increased 4.9%, in line with expectations and higher than 4.3% in the prior month.
In the EU27, the index grew 1% on a monthly basis and 5.8% on an annual basis in January. The PPI grew 0.3% month-on-month in December, revised up from 0.2% earlier estimated. The year-on-year PPI growth is revised up to 4.7% from 4.5% for December.
Swiss GDP Growth Unexpectedly Accelerates In Q4
German Exports Grow In 2007; Trade Surplus Rises
3/4/2008 3:53:47 AM German exports grew 8.5% from the prior year in 2007, much larger than the 5.2% increase in imports, the Federal Statistical Office said Tuesday. The trade surplus increased to EUR196.5 billion from EUR159 billion in the year 2006.
German exports to EU nations increased 11.1% to EUR627.5 billion. Meanwhile, exports to third countries were up 4.1%, stayed far below average in 2007. Shipments to Russia surged 20.6% and exports to U.S. declined 5.9%.
Imports from China climbed 9.4% to EUR54.6 billion euros, while import of U.S. goods dropped 7.3% in 2007 and demand for Russian goods fell 4.2% (odd?).
Slovak Q4 Economic Growth Undergoes Upward Revision
Greek GDP Growth Slows In Q4
Euro Zone Retail Sales Recover In January
3/5/2008 5:27:16 AM Euro zone retail sales rose 0.4% month-on-month in January, reversing a 0.1% fall in December, the Eurostat said Wednesday. Economists were looking for 0.3% growth in January.
The retail sales index dropped 0.1% from the prior year, following a revised 1.8% decline in December. Retail sales number for December was revised from 2% fall initially estimated.
Retail sales in EU27 climbed 0.6% on a monthly basis and increased 1.8% from the previous year.
Swiss Jobless Rate Eases Slightly In February
German Factory Orders Fall In January
3/6/2008 6:28:46 AM Germany's manufacturing orders decreased 1.5% month-on-month in January, the German Economics Ministry announced Thursday. Economists had expected a fall of 0.4%. In December, new orders dropped by a revised 1.1%. Initially, a 1.7% fall was reported for December.
On an annual basis, orders in the manufacturing sector increased 9.5% versus 9.9% expected. The December growth was revised to 6.2% from 5.6% previously reported.
Dutch Feb. Annual Inflation Accelerates
German Labor Cost Index Rises In Q4
3/10/2008 5:04:32 AM The German labor cost index increased 1.1% year-on-year in the fourth quarter of the year, faster than 0.9% in the third quarter, the Federal Statistical Office said Monday.
On a sequential basis, labor costs were up 0.4%. In the year 2007, the labor cost index increased 0.9%, compared to 1.3% in 2006.
Czech Annual Inflation Remains Stable In February
Slovak Retail Sales Growth Accelerates In January
Norwegian Feb. Producer Price Index Growth Eases
Turkey's Industrial Output Strongly Recovers In January
German CPI Annual Inflation Holds Steady At 2.8% In February
3/14/2008 3:43:39 AM Germany's annual inflation remained unchanged in February.
The Federal Statistical Office, or Destatis, reported Friday that German consumer price index climbed 2.8% year-on-year in February, marking the same pace as in January. On a monthly basis, consumer prices rose 0.5% in February, reversing a revised 0.3% decline in January. The monthly fall in January was earlier reported as 0.4%. Thus, the flash estimates, released on February 29, were confirmed.
According to Destatis, the high year-on-year rate of price increase in February 2008 was largely due to markedly higher energy prices, both household energy and motor fuels. Excluding the price trend for mineral oil products, the year-on-year rate of price increase would have been 2.3%, the agency said.
Food prices accelerated 7.8% year-on-year. Prices of milk, cheese and eggs had a significant increase of 23.7%.
The latest report showed that harmonized CPI, or HICP, meant for EU purposes, climbed 2.9% year-on-year in February. The rate is same as in January.
The HICP inflation rate in the largest euro zone economy stays above the European Central Bank target, which is to keep inflation rates “below, but close to, 2% over the medium termâ€.
Compared to the previous month, the HICP was estimated to have moved up 0.5% in February.
The HICP estimate of February 29 was thus confirmed, the Destatis said.
French Business Sentiment Improves In February
Czech Industrial PPI Inflation Slows In February
Euro Zone Feb. Annual Inflation Accelerates
3/14/2008 6:17:31 AM Euro zone annual inflation stood at 3.3% in February, revised up from 3.2% estimated earlier, a final report from the Eurostat showed Friday. Annual inflation was 3.2% in January and 3.1% in December. A year ago, the annual inflation rate was 1.8%. Monthly inflation was 0.3% in February, in line with economists' expectations.
Consumer prices, excluding energy, food, alcohol and tobacco rose 1.8% year-on-year, up from 1.7% in January.
EU annual inflation in February was 3.4%, unchanged from January. Monthly inflation came in at 0.4% in February.
UK Feb. Annual Inflation Accelerates
3/18/2008 5:59:08 AM UK's annual inflation stood at 2.5% in February, up from 2.2% in January, the Office for National Statistics, or ONS, stated Tuesday. The annual inflation rate came in line with economists' expectations. Annual inflation continued to stay above the central bank's target of 2%.
On a monthly basis, consumer prices rose 0.7%, reversing a 0.7% fall in January. However, consumer prices rose less than the 0.8% expected by analysts. The core consumer price index climbed 1.2% annually in February, while economists were looking for 1.4% increase.
Further, ONS stated that the retail price index stood at 211.4, up from 209.8 in January. Compared to the prior year, retail prices growth was 4.1%, same as in January. Analysts expected 4.2% annual growth in retail prices. Excluding mortgage interest payments, retail prices were up 3.7%.
Swiss Q4 Industrial Output Growth Tops Expectations
Czech Seasonally Adj. Retail Sales Ex-auto Grow In January
Hungarian Construction Output Continues To Decrease In January
Finnish February Jobless Rate Eases
3/20/2008 3:52:12 AM German producer price inflation rose more than expected in February, official data showed Thursday.
The Federal Statistical Office indicated that producer prices rose at a faster pace of 3.8% year-on-year in February compared with 3.3% in January. The producer price index climbed more than the 3.4% expected by analysts. February's rate was the highest annual growth since December 2006, the report stated.
Annual rise in producer prices was mainly driven by cost of energy products, which climbed 7%. Excluding energy products, producer prices rose 2.7%.
The monthly growth in producer prices stood at 0.7%, down from 0.8% in January. Economists had expected producer price inflation to slow to 0.3%.
Electricity prices jumped 9.7% from the same month of last year, while it moved up 1.2% on a monthly basis. Meanwhile, natural gas prices dropped 2.1% annually and rose 0.9% over the previous month.
Prices of intermediate goods were up 3.2% year-on-year and consumer goods registered 4.5% annual growth. Engineering product prices increased 2.2%, while data processing equipment cost declined 29%.
Swiss Feb. Producer And Import Prices Rise Less-Than-Expected
Swiss February Watch Exports Increase
3/20/2008 4:32:27 AM Switzerland's watch exports value increased 18.3% year-on-year in February, the Federation of the Swiss Watch Industry reported Thursday.
The value of exports of wristwatches accounted for 1.2 billion francs, an increase of 18.8%. The report showed that exports of steel and gold wristwatches grew significantly.
UK February Retail Sales Unexpectedly Rise
3/20/2008 5:48:43 AM UK retail sales unexpectedly rose in February.
According to the Office for National Statistics, retail sales grew 1% month-on-month in February, in contrast to a 0.2% decline forecasted by economists.
On a year-on-year basis, retail sales were up 5.5%, much better than the 3.6% growth expected.
The ONS said, “Positive growth in retail sales continues, driven by food salesâ€.
French February Household Consumption Expenditure Increases More-Than-Expected
France's Basic Wage Growth Slows In Q4
Hungarian Retail Sales Drop In January
Italian Retail Sales Increase In January
Italian Consumer Confidence Falls To 4-year Low In March
CBI Cuts 2008 UK Growth Forecast
3/25/2008 2:19:38 AM UK's economic growth forecast for 2008 was downgraded and economic expansion is forecasted to be even slower in the next year, the Confederation of British Industry, or CBI, said Tuesday. The industry body cited the continued turbulence in the credit markets, rising commodity prices, and weakening domestic and global demand as the reasons.
In its latest quarterly forecast, the CBI sees UK economic growth at 1.8% for 2008, smaller than an earlier forecast of 2%. The business group also lowered its projection for 2009 and now expects growth of 1.7%. This is in contrast to the Chancellor's more upbeat growth projection of 2.25%-2.75% in the recent budget.
The CBI said, “Prolonged financial market freeze and rising inflation make for 'bumpier ride' in next two yearsâ€.
UK's Number Of House-buyers On Estate Agents` Books Decline In February - NAEA
3/25/2008 2:40:07 AM In the UK, the number of buyers registered on estate agents' books fell 12% month-on-month to 243 per agent in February, reports said Tuesday, citing data from the National Association of Estate Agents or NAEA.
The number of properties for sale dropped to an average 74 per estate agent in February.
The number of sales per agent stood at eight in February, unchanged from the previous month. However, this is down 38% from the same month last year.
German Construction Order Value Increases In January
3/25/2008 3:13:20 AM The total price-adjusted value of orders received in Germany's building construction and civil and underground engineering enterprises increased 10.7% year-on-year in January, the Federal Statistical Office reported Tuesday.
In building construction demand rose 13.5% and in civil and underground engineering, it increased 7.4%.
Meanwhile, the number of employees decreased 0.6% or 4,000 persons year-over-year to 681,000 at the end of January.
Spanish PPI Annual Inflation Stable In February
Swiss UBS Consumption Index Surges In February
Iceland's Central Bank Unexpectedly Hikes Policy Rate
German February Import Price Index Registers Highest Growth Since July 2006
3/28/2008 3:16:42 AM The German import price index increased 5.9% year-on-year in February, the Federal Statistical Office reported Friday. The statistical office noted that this is the highest year-on-year rate of price increase since July 2006, when the index climbed 6.3%.
In January, the import price index grew 5.2% followed by a 3.7% increase in December. On a monthly basis, import prices were up 1.1% in February.
The index of import prices, excluding crude oil and mineral oil products, was up 1.6% over the prior year.
Meanwhile, the index of export prices increased 2.2% year-on-year, quicker than 1.8% in January and 1.3% in December. Month-on-month export prices were up 0.6%.
UK House Price Inflation Slows To Lowest In 12 Years, Nationwide Says
3/28/2008 3:24:09 AM UK house prices dropped for the fifth month in a row in March, taking the annual house price inflation rate to its lowest level in twelve years.
The latest report from the Nationwide on Friday showed that house price annual inflation slowed sharply to 1.1% in March from 2.7% in February. The easing was much more than expected and the March rate is the lowest rate since March 1996. Economists were looking for a year-on-year rise of 2% for March.
On a monthly basis, house prices fell 0.6% in March, slightly more than the 0.5% dip in February. A moderate decline of 0.3% was expected.
The Nationwide noted that a clear change in sentiment since the late summer has led to the sharp slowing in house price growth. The trend was noticed even in the less volatile 3-month on 3-month series, on which house prices were 1.5% lower than three months ago.
“The outlook for UK house prices is clearly more downbeat than at the time of our November forecastâ€, the Nationwide said. The building society also said it expects the Bank of England's Monetary Policy Committee to bring its interest rate cut forward to April, given the disturbance in the financial markets and the continued weakening in the housing market.
French Consumer Confidence Decreases In March
Swedish Feb. Retail Sales Grow More-Than-Expected
Slovak February Producer Prices Grow In February
Finnish Q4 Government Revenue Growth Exceeds Expenditure
German February Retail Sales Much Weaker Than Expected
4/1/2008 2:21:59 AM German February retail sales data came in much weaker than expected.
The statistical office Destatis said Tuesday that retail sales declined 1.6% month-on-month in February, while economists had forecasted a 0.5% rise. On a yearly basis, retails sales fell 0.3%, in line with expectations.
Further, the statistical office downwardly revised the growth numbers for January retail sales. The monthly increase for January was downgraded to 0.9% from the earlier estimate of 1.6%, while the annual rise was lowered to 0.3% from 0.6%.
German Jobless Rate Falls More-than-expected In February
4/1/2008 2:25:36 AM Germany's ILO jobless rate stood at 7.4% in February, down from 7.6% seen in January, the Federal Statistical Office reported Tuesday. Economists had expected the rate to reach to 7.5%. A year ago, the jobless rate came in at 8.7%.
Jobless rate for men decreased to 7.4% in February from 7.6% seen in the prior month. Similarly, the female unemployment rate fell to 7.4% from 7.5% logged in January.
Estonia's Industrial Production Grows In February