Economic Update 18 September 2016

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Economic Update 18 September 2016"

Transcription

1 Economic Update September Macroeconomic outlook Kuwait: Non-oil growth resilient on investment, as fiscal measures reassure > Nemr Kanafani Senior Economist +, Overview and outlook Non-oil growth is expected to accelerate to -.% in and, boosted by government driven investment program. Fiscal deficit to narrow in as reforms are enacted and oil prices are expected to improve. Deficit remains manageable thanks to large financial buffers and ample borrowing capacity; strong credit rating maintained. Liquidity remains comfortable despite lower oil price. Dinar weakened slightly in following two years of strength. Kuwait s non-oil economy has maintained a relatively healthy pace of growth even as oil prices remained more than half their levels of two year ago. Indeed, we see non-oil growth improving in and, in contrast to cooling activity in some neighboring GCC countries. The driver is a government-led development plan, which is helping ramp up both public and private investment, boosting the private sector s share of the economy and addressing capacity constraints in a number of areas. The consumer sector is also expected to continue to support activity, though it is expected to see some healthy moderation. It has been two years now since oil prices began to decline in mid-. As oil prices fell from over $ per barrel, a sizeable fiscal surplus turned into a deficit. The government responded by proposing comprehensive economic reforms, including fiscal as well as structural reforms. The government moved ahead with spending cuts targeting non-essential areas in FY/; more recently, it has introduced measures to reduce the subsidy bill. Initiatives to increase non-oil government revenues are also pending, including a value-added tax (VAT) and a corporate earnings tax, both of which require legislation. The fiscal deficit is expected to narrow in as the price of oil gradually improves. We expect Brent to average around $ a barrel in before rising to $ in. Fiscal reforms will also help close the gap. However, the risk that oil prices will underperform our projection remains a significant downside risk for the outlook. Weaker prices would put further pressure on the fiscal and external positions and could push Table : Key economic indicators * * Chart : Real GDP growth (%) * * Source: Central Statistical Bureau, NBK estimates, *estimate/forecast Chart : Consumer price inflation Jul- Jul- Jul- Jul- Jul- Source: Central Statistical Bureau, NBK estimates; *estimated by NBK Total GDP Nonoil GDP Headline Core* Chart : Budget balance (fiscal year: April-March; after FGF; *estimate/forecast) KD bn (LHS) % of GDP (RHS) - - / / / / / /* /* Source: Ministry of Finance, Central Statistical Bureau, NBK estimates Nominal GDP KD bn.... Nominal GDP USD bn Real GDP growth % y/y.... Oil % y/y Non-oil % y/y.... Inflation (average) % y/y.... Budget balance** % of GDP Source: CBK, MOF, CSB, NBK estimates; *estimate/forecast; **after FGF NBK Economic Research, T: (), F: (), NBK

2 the government toward more significant expenditure cuts and possibly even some reductions or delays in capital spending. However, we deem such a scenario unlikely. Non-oil activity remains resilient, as capital spending is maintained Preliminary figures show overall GDP growth accelerating to.% in from.% in, boosted by record high investment. While the figures show non-oil GDP growth slowing to.% in, we think growth will likely be revised higher when final figures are published (Chart ). Data also show domestic demand growth improving in, with stronger investment growth making up for some weakness in government and private consumption. We estimate that non-oil GDP growth remained robust at.% in and expect it to improve further to -.% in and (Chart ). In our view, the pace of growth has been improving as the implementation of the government s capital projects picks up pace. Indeed, preliminary figures indicate that aggregate investment received a strong boost in. The improving pace of economic activity has been visible in private credit growth, which accelerated to.% year-on-year (y/y) through May (Chart ). Credit growth has been particularly strong in the productive business sectors, with lending excluding personal facilities and lending to the financial and real estate sectors growing by.% y/y, compared to growth of.% y/y a year before. Credit growth is likely to end at an average pace of.%, up from % in. Overall GDP growth should improve to.% in and to.% in. In addition to accelerating non-oil activity, the gradually improving outlook is driven by a resumption of growth in the oil sector; we expect oil production to grow by around % in and, following two years of contraction. This is mainly due to the gradual return of output from Wafra and Khafji, fields shared equally with Saudi Arabia in the Neutral Zone; production from these two fields, which amounts to around - thousand barrels a day of crude for Kuwait, was shuttered in and. Government capital spending key to growth outlook The outlook for economic growth is driven largely by an improving pace of implementation of government-led infrastructure projects. The government s development plan targets investment of KD billion through and includes significant private investment. Among the projects are a number being implemented as public-private partnership projects (PPP), including the Al-Zour North power and water projects. A clear pickup in the pace of project implementation has been visible since. In, more than KD. billion in projects was awarded with another KD billion signed in. Project awards in have kept up the pace, with KD. billion awarded through July. Recent awards included the new airport terminal, which hopes to more than triple capacity by at an estimated cost of KD. billion. The national accounts data also reflected the improvement in project implementation, with investment seeing a strong boost in. Aggregate investment spending grew by % during the year, rising to % of non-oil GDP, a level that has not been recorded for over years (Chart ). Consumer moderating as confidence is dampened The consumer sector has long been a robust and reliable source of Chart : Private credit growth May- May- May- May- May- Month end Annual average Chart : Aggregate investment (% of GDP, *estimate/forecast) * * Source: Central Statistical Bureau, NBK estimates Chart : Card transactions Point-of-sale only Including cash withdrawals Q Q Q Q Q Chart : Household debt growth May- May- May- May- May- NBK Economic Research, T: (), F: (), NBK

3 growth in Kuwait. This is expected to remain so in and, though we see the sector moderating somewhat. The sector is supported by steady growth in employment and salaries, particularly in the government sector and among Kuwaiti households. Cuts in government wages and salaries are unlikely and subsidy reforms are expected to be gradual and thus to have a relatively limited impact. Chart : Consumer confidence index (index) General index -month average Most consumer metrics continued to indicate a robust sector. Household income of civilian Kuwaiti employees remained resilient, growing by an estimated.% y/y during the months through March. Household debt growth maintained a strong pace, standing at.% y/y at the end of May (Chart ). This all supported continued strength in consumer spending, with credit and debit card point-of-sale outlays growing by.% y/y in Q (Chart ). Despite the relatively healthy consumer sector, confidence has revealed some signs of softness in the sector. The Ara Research & Consultancy consumer confidence index has retreated consistently over the last year. The -month average index reading was down by % y/y in July (Chart ). A weaker perception of current employment prospects weighed the most on the overall index. Expectations for durable goods purchases were also weaker compared to a year ago. Correction in real estate prices has been gradual Since, activity in the real estate market has been relatively weak. Real estate sales during the -months through July were off by % y/y (Chart ). Most of the weakness was in the residential and investment sectors, with both sectors seeing -month trailing sales down by % y/y in July. Commercial activity, which had seen sales down in, has done better in. Sales in that sector were up by.% y/y through July. The cooler real estate market has coincided with the decline in the price of oil and may reflect a more cautious investor. It has also coincided with a concerted effort by the government, since, to increase the distribution of subsidized housing plots and built homes. The government nearly tripled its annual housing distributions to over, units in from around, the year before. In, it plans to distribute more than,. Expectations of an imminent increase in supply in the market may have helped cool market activity. The drop in sales activity has helped precipitate an orderly correction in real estate prices. The sectoral price indices developed by NBK indicate that price growth has turned negative in the investment buildings and residential sectors. The -month trailing residential home price index was down by.% y/y in August (preliminary estimate) (Chart ). In the investment sector, prices retreated by.% y/y. (preliminary estimate) Meanwhile, residential land prices, which had seen declines last year, are now back in positive territory; they recorded mild positive growth of.% through mid-august. Inflation easing gradually as domestic pressures recede Inflation eased over the last year or so, as most components saw inflationary pressures diminish. Headline inflation stood at.% y/y in July, compared to.% a year before (Chart ). Services excluding housing have been a main source of reduced inflationary pressures, with inflation in this segment declining to.% y/y in May compared to % a year ago. Meanwhile, pressures from housing services have been on the rise, with prices there, mostly representing housing rents, rising by.% y/y. Rent inflation should abate soon. We expect average inflation to be mostly steady in at around.% before accelerating slightly Jul- Jul- Jul- Jul- Jul- Jul- Jul- Source: Ara Research & Consultancy Chart : Real estate sales (KD million) Jul- Jul- Jul- Jul- Jul- Jul- Jul- Jul- Source: Ministry of Justice - - Monthly -m average Chart : Real estate prices (% y/y, -month average) Residential land - - Aug- Feb- Aug- Feb- Aug- Feb- Aug- Source: Ministry of Justice, NBK estimates *Preliminary estimates for Aug,,,,, Chart : Oil price and government oil revenues Oil revenues (KD bn, LHS) Residential homes Investment buildings Kuwait oil price ($/bbl, RHS) Jul- Jul- Jul- Jul- Jul- Source: Ministry of Finance, Kuwait Petroleum Corporation - - NBK Economic Research, T: (), F: (), NBK

4 to % in as a result of steps to cut energy and water subsidies. Fiscal deficits will persist, but remain manageable Government finances are expected to maintain a deficit in the medium term, especially with the price of oil staying below Kuwait s estimated breakeven price of around $- per barrel. A deficit of % of GDP is likely in FY/, after the mandatory allocation to the Future Generations Fund (FGF). The deficit is seen narrowing to around % of GDP in FY/ as oil prices improve and further fiscal reforms begin to take effect. The government responded to lower oil prices with a number of fiscal reforms. Starting in FY/, the government sought to rationalize expenditures, cutting them by %. Most cuts were in non-essential items that had little impact on the domestic economy. More than half of the savings was automatic, the result of a drop in the cost of fuel and electricity subsidies. The rest came from transfers to independent public agencies and authorities. Meanwhile, expenditures on wages and salaries continued to grow, albeit at a more moderate pace. Capital spending was also left untouched. In March, the government approved a reform plan, which included a number of fiscal reforms. The plan included planned cuts in energy and water subsidies, and the introduction of a corporate income tax and a value added tax (VAT). In April, the National Assembly (NA) approved increases in electricity tariffs to take effect gradually from May. While the step was a historic move, the NA approved a watered down version of the proposed cuts which should still save the budget around.% of GDP. In August, the cabinet announced plans to reduce fuel subsidies, a move not requiring legislation. Gasoline prices are to be lifted at the start of September by -% for the various octane grades. The most popular octane fuel, accounting for % of consumption, will see the price rise to fils, a % increase. The annual savings to the state will be around KD million, or.% of GDP. The government is also looking to introduce new taxes to boost non-oil revenues, though not before. The government has proposed a % corporate income tax on local and foreign companies. The new tax is expected to replace several existing levies on corporate earnings in a measure that will broaden the tax base. Authorities are also preparing to introduce a % VAT in conjunction with other GCC countries. Both measures will require legislation. Kuwait s deficits remain relatively manageable given the state s substantial overseas financial assets and ample capacity to borrow. In FY/, the full KD billion deficit was financed out of the General Reserve Fund (GRF). Kuwait s sovereign wealth fund assets are thought to near % of GDP. The bulk of the assets are with the Future Generations Fund (FGF), though the GRF, whose holdings are mostly liquid, also holds substantial assets thought to be around KD - billion. Bond issuance is being ramped up in FY/ Despite Kuwait s substantial sovereign wealth fund assets, the government will rely on debt issuance to finance the bulk of the deficit in FY/. We estimate the government will need to finance around KD billion in FY/ after the mandatory payment into the FGF. According to the government, more than % of that will be financed with bonds and sukuk. It has indicated it will issue around KD billion in domestic and international debt in FY/ Chart : Crude oil production (million barrels per day).. Jul- Jul- Jul- Jul- Jul- Jul- Source: OPEC Monthly -month average Chart : Money supply growth (% y/y, M) - - May- May- May- May- May- Chart : Banks excess liquidity (bank reserves as % of bank assets) May- May- May- May- May- Month end Annual average Chart : Money supply to non-oil GDP (M as % non-oil GDP) May- May- May- May- May-, Central Statistical Bureau, NBK estimates NBK Economic Research, T: (), F: (), NBK

5 The MOF is set to issue around KD billion in new domestic debt in FY/. Gross issuance of local currency bonds and Shariah-compliant tawarruq during the first five months of the fiscal year, through the end of August, amounted to KD. billion; as a result, the MOF raised KD million in net new debt; the debt level rose to KD. billion or an estimated.% of GDP. The issued paper varied in maturities between one and seven years. The MOF has been seeking to increase the average tenor of the debt; maturities of - years now account for % of outstanding MOF debt, up from % at the end of March. There are also preparations to tap the international debt market. The MOF has stated it plans to issue around $ billion (KD billion) in foreign currency debt in FY/. Such a step will allow Kuwait to capitalize on its solid credit rating (Moody s: Aa, S&P: AA, Fitch: AA) and low international rates. Reports indicate that $. billion in conventional bonds could be issued in Q, while a $ billion issue of Islamic sukuk is slated for Q. The latter awaits the adoption of a sukuk law, which is expected to be ready before the end of. Liquidity remains comfortable despite some tightening International debt issuance will also help relieve the pressure on domestic liquidity. With the government running a deficit and the current account seeing its surplus narrow considerably, system liquidity has come under some pressure. Money supply (M) growth slowed considerably since, from % y/y to.% y/y in and just.% y/y in. Still, liquidity levels remain relatively healthy. Money supply (M) to nonoil GDP was estimated at % in May, which is just above the average recorded since the financial crisis (Chart ). Interest rates have moved up over the last year in the wake of a hike in the policy rate late in. The Central Bank of Kuwait hiked its discount rate by basis points in December to.% immediately following the rate hike by the US Federal Reserve. The -month domestic interbank rate had risen to.% shortly after the rate hike but retreated since to stabilize at.% by August (Chart ). Dinar weakened slightly in following two years of strength The Kuwaiti dinar (KWD) retreated slightly thus far in, following two years of moderate appreciation driven by a stronger US dollar. The dinar index, which reflects the trade-weighted value of the currency, declined by.% year-to-date (ytd), after having registered gains of.% in each of and. The dinar, which is pegged to a basket of major currencies with the US dollar having the largest weight, was up by.% ytd in July against the US currency (Chart ). Stocks down year-to-date in, as market lags region Kuwaiti stocks continued to lag the region thus far in, with the year looking to be the third consecutive lackluster year. The Kuwait Stock Exchange s value-weighted index (IXW) recorded monthly declines in every month since April and was down by.% ytd through August (Chart ). The MSCI total return index was down by.% for the same period. Chart : Current account balance (*estimate/forecast) * * Source: Central Statistical Bureau, NBK estimates Chart : Interbank rates (%, -month).. Aug- Aug- Aug- Aug- Aug-, Thomson Reuters Datastream Chart : Exchange rate KD bn (LHS) % of GDP (RHS) Trade-weighted exch. rate (RHS). Aug- Feb- Aug- Feb- Aug- Feb- Aug- Source: JP Morgan, Thomson Reuters Datastream Kibor (KD) Libor (USD) Spread USD/KWD (LHS) Chart : Stock market indices KSE price index (LHS) KSE weighted index (RHS) Aug- Feb- Aug- Feb- Aug- Feb- Aug- Source: Kuwait Stock Exchange, Thomson Reuters Datastream NBK Economic Research, T: (), F: (), NBK

6 NBK Economic Research, T: (), F: (), NBK

Outlook. GCC Economic 1Q 2018

Outlook. GCC Economic 1Q 2018 MENA GCC Economic Economic Outlook Q GCC growth to pick up in despite oil output restraint Fiscal deficits to decline further as reforms gain momentum Oil prices rise, but market rebalancing will take

More information

Saudi Arabia s 2014 budget

Saudi Arabia s 2014 budget 23 December 213 Saudi Arabia s 214 budget The government s budget for the 214 fiscal year (31 December 213 to 3 December 214) was endorsed by the Council of Ministers on December 23. It was another expansionary

More information

GCC Economics: Kuwait s Economic & Fiscal position October 2017

GCC Economics: Kuwait s Economic & Fiscal position October 2017 SICO Research October 31, 2017 : Kuwait s Economic & Fiscal position October 2017 Kuwait s economic growth may take another downturn in 2017, likely registering at the best case flat growth over last year,

More information

Economic projections

Economic projections Economic projections 2017-2020 December 2017 Outlook for the Maltese economy Economic projections 2017-2020 The pace of economic activity in Malta has picked up in 2017. The Central Bank s latest economic

More information

Ukraine Macroeconomic Situation

Ukraine Macroeconomic Situation In 2012, industrial production was down by 1.8% yoy as weakening global demand for steel exerted a toll on the Ukrainian metallurgical industry. Last year, harvested 46.2 tons of grains and overseas shipments

More information

The real change in private inventories added 0.22 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.

The real change in private inventories added 0.22 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter. QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy bounced back in the second quarter of 2007, growing at the fastest pace in more than a year. According the final estimates released

More information

Nigeria's economic recovery Defining the path for economic growth

Nigeria's economic recovery Defining the path for economic growth www.pwc.com/ng Nigeria's economic recovery Defining the path for economic growth Nigeria's economy has turned a corner The oil price shock, which started in mid-2014, severely affected the Nigerian economy.

More information

Growth and Inflation Prospects and Monetary Policy

Growth and Inflation Prospects and Monetary Policy Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy expanded by slightly less than the previous projection due to weaker-than-anticipated

More information

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter. QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates

More information

MACROECONOMIC FORECAST

MACROECONOMIC FORECAST MACROECONOMIC FORECAST Autumn 2017 Ministry of Finance of the Republic of Bulgaria The Autumn macroeconomic forecast of the Ministry of Finance takes into account better performance of the Bulgarian economy

More information

MACROECONOMIC FORECAST

MACROECONOMIC FORECAST MACROECONOMIC FORECAST Spring 17 Ministry of Finance of the Republic of Bulgaria Bulgarian economy is expected to expand by 3% in 17 driven by domestic demand. As compared to 16, the external sector will

More information

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 23 November 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

Qatar Economic Update

Qatar Economic Update Report Series Qatar Economic Update Executive Summary A safe haven in stormy global seas: While the global economy continues to struggle and the outlook is fraught with risks, Qatar s strong macroeconomic

More information

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank PRESS STATEMENT 24 January 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous meeting of

More information

Gross Economic Contribution of the Financial Sector in The Bahamas (2008)

Gross Economic Contribution of the Financial Sector in The Bahamas (2008) Gross Economic Contribution of the Financial Sector in The Bahamas (2008) *Published in the Quarterly Economic Review, Mar 2009, (Vol. 18, No. 1) Pages 34-42. GROSS ECONOMIC CONTRIBUTION OF THE FINANCIAL

More information

Outlook for Economic Activity and Prices (April 2017) Summary

Outlook for Economic Activity and Prices (April 2017) Summary April 27, 2017 Bank of Japan The Bank's View 1 Outlook for Economic Activity and Prices (April 2017) Summary Japan's economy is likely to continue expanding and maintain growth at a pace above its potential,

More information

Nigeria: Economic Outlook Top 10 themes for 2018

Nigeria: Economic Outlook Top 10 themes for 2018 PwC Nigeria Economics Top 10 themes for 2018 February 2018 Disclaimer This document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You

More information

Ontario Economic Accounts

Ontario Economic Accounts SECOND QUARTER OF 2017 April, May, June Ontario Economic Accounts ONTARIO MINISTRY OF FINANCE Table of Contents ECONOMIC ACCOUNTS Highlights 1 Ontario s Economy Continues to Grow Expenditure Details 2

More information

Eurozone Economic Watch. November 2017

Eurozone Economic Watch. November 2017 Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ

More information

MID-TERM REVIEW OF THE 2014 MONETARY POLICY STATEMENT

MID-TERM REVIEW OF THE 2014 MONETARY POLICY STATEMENT MID-TERM REVIEW OF THE 2014 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 2014 Monetary Policy Statement (MPS) examines recent price developments and reviews key financial

More information

Saudi Arabia s 2018 Fiscal Budget

Saudi Arabia s 2018 Fiscal Budget 19 December 217 Saudi Arabia s 218 Fiscal Budget The government s budget for the 218 fiscal year was endorsed by the Council of Ministers on 19th December. It points to an expansionary stance (Figure 1).

More information

Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist.

Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist. January 218 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Another Fed Rate Hike in December, Inflation Remains

More information

January Kuwait Economic Brief. An update of recent developments in select sectors in Kuwait published by Economic Research at NBK

January Kuwait Economic Brief. An update of recent developments in select sectors in Kuwait published by Economic Research at NBK January Government spending accelerates Oil prices reach three-year highs; in November...Credit growth to close inflation at.% in Nov; consumer at.%...kd Kuwait billion budget spending up; Boursa lifted

More information

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank

South African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 30 March 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous

More information

1. Macroeconomic Highlights

1. Macroeconomic Highlights 1. Macroeconomic Highlights ht Macroeconomic Highlights Resilient growth over the last 2 years, despite the global economic slowdown Banking industry robust with high level of CAR and low NPLN. In 2008

More information

MEXICO. 1. General trends

MEXICO. 1. General trends Economic Survey of Latin America and the Caribbean 2015 1 MEXICO 1. General trends Real GDP growth in Mexico in 2014 was 2.1%, up 0.7 percentage points on 2013. This increase stems from a good export performance,

More information

Monthly Economic Report

Monthly Economic Report Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were

More information

Øystein Olsen: The economic outlook

Øystein Olsen: The economic outlook Øystein Olsen: The economic outlook Address by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Oslo, 29 March 2011. The address is based

More information

Viet Nam GDP growth by sector Crude oil output Million metric tons 20

Viet Nam GDP growth by sector Crude oil output Million metric tons 20 Viet Nam This economy is weathering the global economic crisis relatively well due largely to swift and strong policy responses. The GDP growth forecast for 29 is revised up from that made in March and

More information

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2017

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2017 NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November Dr Ana Ivković, General Manager Directorate for Economic Research and Statistics Belgrade, November Ladies and gentlemen,

More information

Current Economic Conditions and Selected Forecasts

Current Economic Conditions and Selected Forecasts Order Code RL30329 Current Economic Conditions and Selected Forecasts Updated May 20, 2008 Gail E. Makinen Economic Policy Consultant Government and Finance Division Current Economic Conditions and Selected

More information

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report May 2013

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report May 2013 NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report May 13 Belgrade, May 13 1 Central and East European countries European Union Euro area Germany Italy France USA Ladies and gentlemen,

More information

U.S. Economic Outlook: recent developments

U.S. Economic Outlook: recent developments U.S. Economic Outlook Recent developments Washington, D.C., 6 February 2018 This document was prepared by Helvia Velloso, Economic Affairs Officer, under the supervision of Inés Bustillo, Director, ECLAC

More information

Global PMI. Global economy suffers loss of momentum in March. April 10 th IHS Markit. All Rights Reserved.

Global PMI. Global economy suffers loss of momentum in March. April 10 th IHS Markit. All Rights Reserved. Global PMI Global economy suffers loss of momentum in March April 10 th 2018 2 Global economy suffers marked loss of growth momentum Global economic growth slowed sharply to the weakest for over a year

More information

Economic Bulletin. Executive Summary. Contents. Council of Economic Advisors ISSUE 1 APRIL 6, 2018

Economic Bulletin. Executive Summary. Contents. Council of Economic Advisors ISSUE 1 APRIL 6, 2018 Council of Economic Advisors ISSUE 1 APRIL 6, 2018 Economic Bulletin Executive Summary Contents The Board of Directors (BoD) of the European Stability Mechanism (ESM) approved on March 27 the fourth tranche

More information

Quarterly Economics Briefing

Quarterly Economics Briefing Quarterly Economics Briefing March 2015 Review of Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook

More information

Economic Research KDN No.: PP14787/11/2012(030811)

Economic Research KDN No.: PP14787/11/2012(030811) wider Economic Research KDN No.: PP14787/11/2012(030811) Vol.: ER/014/2015 State of Kuwait: Country Risk Insights Economic Research Led By: Nor Zahidi Alias Chief Economist +603 2082 2277 zahidi@marc.com.my

More information

Economic Projections for

Economic Projections for Economic Projections for 2015-2017 Article published in the Quarterly Review 2015:3, pp. 86-91 7. ECONOMIC PROJECTIONS FOR 2015-2017 Outlook for the Maltese economy 1 The Bank s latest macroeconomic projections

More information

The Irish Economy ECONOMIC OUTLOOK

The Irish Economy ECONOMIC OUTLOOK The Irish Economy ECONOMIC OUTLOOK April 2007 AIB Global Treasury Economic Research AIB Global Treasury Economic Research Unit John Beggs Chief Economist Phone: 01-6417863; e-mail: john.f.beggs@aib.ie

More information

GCC Economic. Outlook. Credit growth strong in most

GCC Economic. Outlook. Credit growth strong in most GCC Economic Outlook July January Solid growth thoughdespite global risks regionalexpected, growth outlook globalloom weakness Large surpluses despiteasgovernment Budgetfiscal surpluses to decline oil

More information

Quarterly market summary

Quarterly market summary Quarterly market summary 3rd Quarter 2017 Economic overview Economic data released during the quarter seemed to signal a continuation of synchronised global recovery in almost all regions. This is being

More information

Outlook for Economic Activity and Prices (October 2017)

Outlook for Economic Activity and Prices (October 2017) Outlook for Economic Activity and Prices (October 2017) October 31, 2017 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial

More information

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 13 December 2017

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 13 December 2017 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 13 December 2017 Publication date: 14 December 2017 These are the minutes of the Monetary Policy Committee meeting

More information

Highlights 2/2017. Main topics: Ministry of Finance of the Republic of Bulgaria. Economic and Financial Policy Directorate ISSN

Highlights 2/2017. Main topics: Ministry of Finance of the Republic of Bulgaria. Economic and Financial Policy Directorate ISSN BULGARIAN месечен ECONOMY обзор Monthly Report Ministry of Finance of the Republic of Bulgaria 2/217 Economic and Financial Policy Directorate ISSN 2367-2 Main topics:» Gross domestic product» Short-term

More information

Saudi Arabia Economic Update 26 April 2017

Saudi Arabia Economic Update 26 April 2017 Economic Research Saudi Arabia Economic Update 26 April 217 Saudi Arabia: No change to our non-oil GDP growth forecast following wage cut reversal Limited support to consumption from wage cut reversal

More information

Economic Activity, Prices, and Monetary Policy in Japan

Economic Activity, Prices, and Monetary Policy in Japan November 8, 2017 Bank of Japan Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Miyazaki Yukitoshi Funo Member of the Policy Board (English translation

More information

Indonesia. Yield Movements. 60 Asia Bond Monitor

Indonesia. Yield Movements. 60 Asia Bond Monitor 60 Asia Bond Monitor Indonesia Yield Movements Between 1 ch and 15 May, local currency (LCY) government bond yields in Indonesia fell for all tenors, resulting in the downward shift of the yield curve

More information

Portuguese Banking System: latest developments. 2 nd quarter 2017

Portuguese Banking System: latest developments. 2 nd quarter 2017 Portuguese Banking System: latest developments nd quarter 17 Lisbon, 17 www.bportugal.pt Prepared with data available up to th September of 17. Portuguese Banking System: latest developments Banco de Portugal

More information

JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1

JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 JUNE 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 1. EURO AREA OUTLOOK: OVERVIEW AND KEY FEATURES The June projections confirm the outlook for a recovery in the euro area. According

More information

Inflation Report August National Bank of Poland Monetary Policy Council

Inflation Report August National Bank of Poland Monetary Policy Council Inflation Report August 2005 National Bank of Poland Monetary Policy Council Warsaw, August 2005 The Inflation Report presents the Monetary Policy Council s assessment of the current and future macroeconomic

More information

Saudi Economic Chartbook

Saudi Economic Chartbook Saudi Economic Chartbook Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rcciooffice@riyadcapital.com Subdued Economic Activity but Fiscal Consolidation

More information

Outlook for Economic Activity and Prices (January 2018)

Outlook for Economic Activity and Prices (January 2018) Outlook for Economic Activity and Prices (January 2018) January 23, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial

More information

Developments in inflation and its determinants

Developments in inflation and its determinants INFLATION REPORT February 2018 Summary Developments in inflation and its determinants The annual CPI inflation rate strengthened its upward trend in the course of 2017 Q4, standing at 3.32 percent in December,

More information

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 10 May 2017

Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 10 May 2017 Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 10 May 2017 Publication date: 11 May 2017 These are the minutes of the Monetary Policy Committee meeting ending on

More information

SEB MERCHANT BANKING COUNTRY RISK ANALYSIS 28 September 2016

SEB MERCHANT BANKING COUNTRY RISK ANALYSIS 28 September 2016 SEB MERCHANT BANKING COUNTRY RISK ANALYSIS 28 September 2016 Higher foreign reserves and lower financing needs following the debt restructuring in 2015 have reduced external vulnerability. In addition,

More information

ASEAN Insights: Regional trends

ASEAN Insights: Regional trends ASEAN Insights: Regional trends December 2017 1. Global trends CONSUMER AND BUSINESS CONFIDENCE ROBUST; UNEMPLOYMENT RATE FALLS WHILE INFLATION EDGES UP The global economic environment continued on its

More information

Monetary and Financial Update

Monetary and Financial Update March 216 Monetary and Financial Update Pace of Slowdown in Monetary Aggregates to Moderate in 216 Key Indicators Percent, year-on-year Indicator Jan 21 For comments and queries please contact: Jan 216

More information

In this report we discuss three important areas of the economy that have received a great deal of attention recently, namely:

In this report we discuss three important areas of the economy that have received a great deal of attention recently, namely: March 26, 218 Executive Summary George Mokrzan, PH.D., Director of Economics In this report we discuss three important areas of the economy that have received a great deal of attention recently, namely:

More information

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report February Dr Jorgovanka Tabaković, Governor

NATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report February Dr Jorgovanka Tabaković, Governor NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report February 8 Dr Jorgovanka Tabaković, Governor Belgrade, February 8 Ladies and gentlemen, dear media representatives, esteemed colleagues,

More information

Indonesia Economic Outlook and Policy Challenges

Indonesia Economic Outlook and Policy Challenges Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27

More information

Monetary Policy Report: Using Rules for Benchmarking

Monetary Policy Report: Using Rules for Benchmarking Monetary Policy Report: Using Rules for Benchmarking Michael Dotsey Executive Vice President and Director of Research Keith Sill Senior Vice President and Director, Real-Time Data Research Center Federal

More information

OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING

OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING This article reviews key structural features and recent economic developments in ten major oilexporting

More information

LETTER. economic. China: Towards a floating exchange rate regime? MAY bdc.ca

LETTER. economic. China: Towards a floating exchange rate regime? MAY bdc.ca economic LETTER MAY 212 China: Towards a floating exchange rate regime? For many years now, the West has been reproaching China for keeping the yuan below its balanced value, that is, the value that would

More information

OVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014

OVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014 OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time

More information

Evaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund

Evaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic

More information

Economic Survey of Latin America and the Caribbean CHILE. 1. General trends. 2. Economic policy

Economic Survey of Latin America and the Caribbean CHILE. 1. General trends. 2. Economic policy Economic Survey of Latin America and the Caribbean 2017 1 CHILE 1. General trends In 2016 the Chilean economy grew at a slower rate (1.6%) than in 2015 (2.3%), as the drop in investment and exports outweighed

More information

ECONOMIC RECOVERY AT CRUISE SPEED

ECONOMIC RECOVERY AT CRUISE SPEED EBF Economic Outlook Nr 43 May 2018 2018 SPRING OUTLOOK ON THE EURO AREA ECONOMIES IN 2018-2019 ECONOMIC RECOVERY AT CRUISE SPEED EDITORIAL TEAM: Francisco Saravia (author), Helge Pedersen - Chair of the

More information

Indonesia Update. Yield Movements. Size and Composition

Indonesia Update. Yield Movements. Size and Composition Indonesia Update Yield Movements Indonesia s government bond yield curve shifted downward for all maturities between end- December 2009 and end-june 2010 (Figure 1). The government bond yield curve flattened

More information

Emerging Markets Weekly Economic Briefing

Emerging Markets Weekly Economic Briefing 21 Emerging Markets Emerging Markets Weekly Economic Briefing Recession looms for some emerging economies Several major emerging economies struggling with domestically-induced problems are now in, or flirting

More information

Eurozone Economic Watch. April 2018

Eurozone Economic Watch. April 2018 Eurozone Economic Watch April 2018 Eurozone: solid growth and broadly unchanged projections, with protectionist risks BBVA Research - Eurozone Economic Watch / 2 Confidence has weakened in 1Q18 since the

More information

Global PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved.

Global PMI. Solid Q2 growth masks widening growth differentials. July 7 th IHS Markit. All Rights Reserved. Global PMI Solid Q2 growth masks widening growth differentials July 7 th 2017 2 Widening developed and emerging world growth trends The global economy enjoyed further steady growth in June, according to

More information

Economic and monetary. developments. The results of the euro area bank lending survey for the second quarter of 2014

Economic and monetary. developments. The results of the euro area bank lending survey for the second quarter of 2014 Economic and monetary Monetary and financial Box 2 The results of the euro area bank lending survey for the second quarter of 214 This box summarises the main results of the euro area bank lending survey

More information

Economic and Financial Markets Monthly Review & Outlook Detailed Report October 2017

Economic and Financial Markets Monthly Review & Outlook Detailed Report October 2017 Economic and Financial Markets Monthly Review & Outlook Detailed Report October 17 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence indicators

More information

Monetary Policy Report: Using Rules for Benchmarking

Monetary Policy Report: Using Rules for Benchmarking Monetary Policy Report: Using Rules for Benchmarking Michael Dotsey Senior Vice President and Director of Research Charles I. Plosser President and CEO Keith Sill Vice President and Director, Real-Time

More information

March 2018 ECB staff macroeconomic projections for the euro area 1

March 2018 ECB staff macroeconomic projections for the euro area 1 March 2018 ECB staff macroeconomic projections for the euro area 1 The economic expansion in the euro area is projected to remain robust, with growth rates staying above potential. Real GDP growth is projected

More information

Economic and market snapshot for January 2016

Economic and market snapshot for January 2016 From left to right: Herman van Papendorp (Head of Macro Research and Asset Allocation), Sanisha Packirisamy (Economist) Economic and market snapshot for January 2016 Global economic developments United

More information

MID-TERM REVIEW OF THE 2017 MONETARY POLICY STATEMENT

MID-TERM REVIEW OF THE 2017 MONETARY POLICY STATEMENT MID-TERM REVIEW OF THE 17 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 17 Monetary Policy Statement (MPS) examines price developments and the underlying causal factors

More information

CENTRAL BANK OF OMAN. Mid-Year Review of the Omani Economy 2010

CENTRAL BANK OF OMAN. Mid-Year Review of the Omani Economy 2010 CENTRAL BANK OF OMAN Mid-Year Review of the Omani Economy 2010 December 2010 CENTRAL BANK OF OMAN Mid-Year Review of the Omani Economy 2010 Economic Research and Statistics Department CONTENTS Page Foreword

More information

Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the bud

Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the bud CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: 4 to 4 Percentage of GDP 4 Surpluses Actual Projected - -4-6 Average Deficit, 974 to Deficits -8-974 979 984 989

More information

Monetary Policy Report, September 2017

Monetary Policy Report, September 2017 No. 52/2017 Monetary Policy Report, September 2017 Mr. Jaturong Jantarangs, Assistant Governor of the Bank of Thailand (BOT) and Secretary of the Monetary Policy Committee (MPC), released the September

More information

ASEAN Insights: Regional trends

ASEAN Insights: Regional trends ASEAN Insights: Regional trends March 2017 1. Global trends GLOBAL ECONOMY SHOWS RESILIENCE AND RESURGENCE WITH STRONG BUSINESS SENTIMENT, ACCELERATION IN TRADE MOMENTUM The global economy continued its

More information

World trade rises 5.3% in Q1 2010

World trade rises 5.3% in Q1 2010 June 2010 TABLE OF CONTENTS World trade rises 5.3% in Q1 2010 1 Highlights 2 The Canadian economy 2 The U.S. economy 3 Oil prices tumble after US jobs report 4 Flight to quality hits Canadian dollar 4

More information

MONETARY POLICY REPORT WITH FINANCIAL STABILITY ASSESSMENT

MONETARY POLICY REPORT WITH FINANCIAL STABILITY ASSESSMENT 7 DECEMBER MONETARY POLICY REPORT WITH FINANCIAL STABILITY ASSESSMENT Norges Bank Oslo 7 Address: Bankplassen Postal address: Postboks 79 Sentrum, 7 Oslo Phone: +7 Fax: +7 E-mail: central.bank@norges-bank.no

More information

New Zealand Economic Outlook. Miles Workman June 2017

New Zealand Economic Outlook. Miles Workman June 2017 New Zealand Economic Outlook Miles Workman June 17 1 Economic Outlook Overview The New Zealand economy is forecast to expand at a solid pace over the next five years With real GDP growth around 3% in 17:

More information

Austria s economy will grow by 2¾% in 2017

Austria s economy will grow by 2¾% in 2017 Gerhard Fenz, Friedrich Fritzer, Martin Schneider 1 In the first half of 217, Austria s economy gathered further momentum. With growth rates by.8% in both the first and the second quarters, Austria recorded

More information

DECEMBER 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1

DECEMBER 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 DECEMBER 2015 EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA 1 1. EURO AREA OUTLOOK: OVERVIEW AND KEY FEATURES The economic recovery in the euro area is expected to continue. Real GDP is

More information

Angola - Economic Report

Angola - Economic Report Angola - Economic Report Index I. Assumptions on National Policy and External Environment... 2 II. Recent Trends... 3 A. Real Sector Developments... 3 B. Monetary and Financial sector developments... 5

More information

The United Arab Emirates Economic Outlook

The United Arab Emirates Economic Outlook Report Series The United Arab Emirates Economic Outlook 2013-14 Executive Summary Economics Department Samba Financial Group P.O. Box 833, Riyadh 11241 Saudi Arabia ChiefEconomist@samba.com +44 207659-8200

More information

MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017

MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017 1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2017 Governor s Presentation to the Media 22 nd November, 2017 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary

More information

MID-TERM REVIEW OF THE 2016 MONETARY POLICY STATEMENT

MID-TERM REVIEW OF THE 2016 MONETARY POLICY STATEMENT MID-TERM REVIEW OF THE 1 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 1 Monetary Policy Statement (MPS) examines price developments and the underlying causal factors in

More information

South Africa loses investment grade (IG) status on anticipated unfavourable policy shifts

South Africa loses investment grade (IG) status on anticipated unfavourable policy shifts South Africa loses investment grade (IG) status on anticipated unfavourable policy shifts Changes in SA s executive leadership have led to heightened political and institutional uncertainties Although

More information

CENTRAL BANK POLICY RATE Íslandsbanki Research

CENTRAL BANK POLICY RATE Íslandsbanki Research CENTRAL BANK POLICY RATE 8..218 Íslandsbanki Research Summary Our forecast: unchanged policy rate on 16 May Outlook broadly unchanged since March, when the MPC unanimously held the policy rate unchanged

More information

Rates Will Continue to Go Up in 2018

Rates Will Continue to Go Up in 2018 DECEMBER 1, RETAIL RATE FORECASTS Rates Will Continue to Go Up in #1 BEST OVERALL FORECASTER - CANADA HIGHLIGHTS ff The economic context remains very favourable. ff Interest rates will continue to rise

More information

Saudi Arabian economy Moderation in 2013 and rebound in 2014

Saudi Arabian economy Moderation in 2013 and rebound in 2014 Research Department Md. Rahmatullah Khan, Economic analyst Tel: +966 1 211 9319, khanmr@alrajhi-capital.com Saudi Arabian economy Saudi Arabian economy Moderation in 2013 and rebound in 2014 Saudi Arabian

More information

Eurozone Economic Watch. March 2018

Eurozone Economic Watch. March 2018 Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global

More information

Economic Outlook Survey

Economic Outlook Survey Highlights March 2014 Results of FICCI s latest Economic Outlook Survey point towards a recovery in the year 2014-15. The median GDP growth forecast is estimated at 5.5% for 2014-15, with a minimum and

More information

Economic Outlook, January 2016 Jeffrey M. Lacker President, Federal Reserve Bank of Richmond

Economic Outlook, January 2016 Jeffrey M. Lacker President, Federal Reserve Bank of Richmond Economic Outlook, January 2016 Jeffrey M. Lacker President, Federal Reserve Bank of Richmond Annual Meeting of the South Carolina Business & Industry Political Education Committee Columbia, South Carolina

More information

MBA Forecast Commentary Joel Kan

MBA Forecast Commentary Joel Kan MBA Forecast Commentary Joel Kan Economy & Labor Markets Strong Enough, First Rate Hike Expected in December MBA Economic and Mortgage Finance Commentary: November 2015 This month s outlook largely mirrors

More information

Valentyn Povroznyuk, Radu Mihai Balan, Edilberto L. Segura

Valentyn Povroznyuk, Radu Mihai Balan, Edilberto L. Segura September 214 GDP grew by 1.2% yoy in Q2 214. Industrial output growth was equal to 1.4% yoy in June 214. The consolidated budget deficit narrowed to.2% of GDP in January-July 214. Consumer inflation slightly

More information

Oct-Dec st Preliminary GDP Estimate

Oct-Dec st Preliminary GDP Estimate Japan's Economy 15 February 2016 (No. of pages: 5) Japanese report: 15 Feb 2016 Oct-Dec 2015 1 st Preliminary GDP Estimate GDP experiences negative growth for first time in two quarters hinting at risk

More information