Project LINK October, 2012 Country Report: Turkey. Prepared by
|
|
- Jonathan Clarke
- 5 years ago
- Views:
Transcription
1 Project LINK October, 212 Country Report: Turkey Prepared by Suleyman Ozmucur University of Pennsylvania, Department of Economics and Bogazici University, Center for Economics & Econometrics, Istanbul, Turkey 1. Recent Trends Real GDP, which increased by.7% in 28 and decreased by 4.8% in 29, surged 9.% in 21, and 8.5% in 211. However, growth rates 1 slowed significantly in 212. Real GDP growth was 3.3% in the first quarter, 2.9% in the second quarter, and 3.1% in the first half of 212. This marked slowdown is expected to continue. the first half of 212. Real government final consumption growth was 4.9% during the two quarters of 212, compared with a 4.5% growth in Real Private and Public Consumption Growth (year-on-year) 15 Real GDP Growth (year-on-year) I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III Real Private Consumption Growth (year-on-year) Real Public Consumption Growth (year-on-year) Real final consumption of resident households, which decreased 2.3% in 29 and.3% in 28, increased 6.7% in 21 and 7.8% in 211. The growth rate of final consumption of residents was.2% in the first quarter, and negative.5% in the second quarter, and negative.2% in Real private fixed investment which surged with a 23.1% increase in 211, increased 1.4% in the first quarter, and decreased 7.9% in the second quarter. The decrease was 3.5% during the first half of 212. On the other hand, public fixed investment decreased 1.5% during the first half of Unless otherwise noted, growth rate refers to year-on year growth (growth compared to the same quarter, same month or same half a year ago). Project LINK Country Report: Turkey, October 212 1
2 Real Fixed Investment Growth (year-on-year) Private Fixed Investment (year-on-year growth) Public Fixed Investment (year-on-year growth) Real exports of goods and services increased 16.% during the first two quarters of 212, following a 6.4% increase in 211. Real imports of goods and services decreased 4.8% during the first half of 212, compared with an increase of 1.9% in I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III Real exports of goods and services (year-on-year growth) Real imports of goods and services (year-on-year growth) Sectors which were most severely affected from global recession, namely manufacturing, construction, and retail & wholesale trade, bounced back strongly in 21 and 211, but slowed down in 212. Growth in manufacturing during the first half of 212 was 3.1% compared with a 9.6% increase in 211. Growth in wholesale and retail trade was.9% during the first two quarters of 212, compared with a 7.7% increase in 211. Construction sector grew by 1.5% during the first two quarters of 212, following an increase of 11.3% in 211. Some sectors seem to be not affected by global recession. Agriculture grew 4.2% during the first 6 months of 212, following a 5.8% growth in 211, 2.4% growth in 21, a 3.7% growth in 29 and a 4.6% growth in 28. Growth in financial intermediation was 4.% during the first two quarters of 212, compared with 9.6% in 211. Real estate sector enjoyed a 7.% growth during the first half of 212. The growth rate in real estate renting and business activities was 6.7% in 28, 4.4% in 29, 7.6% in 21, and 9.3% in 211. Education, health and other services sectors realized modest growth rates in 211, and during the first half of 212. The Index of industrial production increased 3.4% (y-o-y) in July 212 to (25=1), following a 3.% increase in the previous month. The growth rate for the year 211 was 8.9%, following a 13.1% increase in 21, a 9.9% drop in 29, and a.6% decrease in 28. The manufacturing component grew by 3.% in July, while the production in utilities increased 8.2%, and output in mining decreased by 1.7%. On a seasonal and calendar adjusted basis, total industrial production and its manufacturing component both increased by 1.7% in July from the previous month, while mining output decreased by 5.8% and the production in utilities increased by.4%. Project LINK Country Report: Turkey, October 212 2
3 Industrial Production Index (25=1) Year-on-year Growth in Industrail Production Index (right scale) Industrial Production Index (left scale) The industrial turnover index in July increased 6.6% from July of 211. The manufacturing sector index increased 6.8%, while the mining sector index increased 2.3%. In July, year-onyear growth rates were 6.5% in intermediate goods, 12.4% in durable consumer goods, 7.% in non-durable consumer goods, 7.6% in energy, and 4.% in capital goods Capacity Utilization Rate in Manufacturing I II III IV I II III IV I II III IV I II III IV I II III IV I II III The industrial new orders index increased 5.2% (y-o-y) in July. In July, year-on-year growth rates in components of industrial new orders index were 5.5% in intermediate goods, 1.3% in durable consumer goods, 16.5% in nondurable consumer goods, and negative 6.% in capital goods. Shipments in commerce and services rose 3.7% (year-on-year) in the second quarter of 212, compared with a 22.2% growth in the second quarter of Project LINK Country Report: Turkey, October Employment rose 5.1%, while hours worked rose 5.5%. Wages and salaries in commerce and services rose 18.1% (index compared with the same quarter a year ago). The quarterly turnover index in construction decreased 1.2% (year-onyear) in the second quarter. The turnover index for building construction dropped 3.8%, while the index in civil engineering increased 2.4%. On the other hand, the production index in construction increased.7% in the second quarter. The growth rate was 2.2% in production index in building construction, and negative 5.9% in the production index in civil engineering. In August, exports were $12.9 billion, compared with $11.2 billion in August of 211. This represents a 14.5% increase. Imports decreased 4.8%, from $19.7 billion in August 211 to $18.7 billion in August of 212. The deficit was $5.9 billion, compared with $8.4 billion in August of 211. During the first eight months, exports were $1.1 billion, compared with $88.7 billion during the first eight months of 211 (12.8% increase). During the first eight months, imports were $156.6 billion, compared with $16.5 billion during the first eight months of 211 (2.4% decrease). As a result of these developments there was a decrease in foreign trade deficit. Trade deficit during the first eight months of 212 was $56.6 billion, compared with $71.8 billion during the same period in 211. Current account deficit was $3.9 billion in July, compared with $4.2 billion in June, and $5.7 billion in January. The goods deficit was $6.4 billion, while services surplus was $2.9 billion. The current account deficit was $34.5 billion during the first seven months, compared with a deficit of $5.2
4 billion during the first seven months of 211. The deficit on goods was $4.9 billion during January-July, compared $54.4 billion during the first seven months of 211. During the January-July period, the surplus on goods was $9.7 billion, compared with $8.5 billion during the same period of the previous year. Exports, Imports, and Current Account Balance and 6.2% in August of 21. Year-onyear price increases in August were 11.4% in agriculture, 2.8% in manufacturing, and 6.1% in utilities Inflation Rate (%) 7, 6, 4 5, 4, -5, -1, 3, 2, 1, Producer Price Index (% change from the same month a year ago) Consumer Price Index (% change from the same month a year ago) -15, -2, -25, Current Account Balance Exports Imports The Turkish Lira/US dollar exchange rate was 1.79 on September 28, 212, 1.92 on December 3, 211, and 1.66 on September 3, 211. The Turkish Lira/euro exchange rate was 2.32 on September 28, 212, 2.47 on December 3, 211, and 2.51 on September 3, Turkish Lira/US Dollar Turkish LIra/Euro The producer price index which stands at (23=1) increased 4.6% (y-o-y) in August. Annual increase (twelve month average, (September 211-August 212)/ (September 21- August 211)) was 9.3%. Annual increases were 9.8% in August 211, Consumer price index which stands at (23=1) increased 8.9% (y-o-y) in August, compared with 6.7% in August 211 and 8.3% in August of 21. Annual increase (twelve month average, (September 211-August 212)/ (September 21-August 211)) was 9.3%, compared with 6.2% in August of 211. Year-on-year increases were 9.1% in food and beverages, 7.2% in clothing, 11.8% in housing, 8.9% in furniture, 1.8% in health, 5.2% in transportation, and 7.8% in education. Non-institutional population increased 1.24 million, from June 211 to June 212, to million, while non-institutional working age population increased by million to million. Labor force rose by 365 thousand to million, while employment rose by 676 thousand to million. The number of unemployed persons decreased by 311 thousand to million in June 212, and the unemployment rate decreased from 9.2% in June 211 to 8.% in June 212. The unemployment rate was 1.% in urban areas, and 4.3% in rural areas. Project LINK Country Report: Turkey, October 212 4
5 Rate of Unemployment Hourly labor cost (wages and benefits) index rose by 1.3% (y-o-y) in the second quarter of 212 compared to the same quarter of the previous year, following a 9.% increase in the previous quarter. Increases in hourly labor costs in the second quarter were 1.8% in industry, 5.7% in construction, and also 1.8% in services Industrial Gross Wages and Salaries Index (25=1) I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II Year-on-year Growth in Index (right scale) Index (left scale) hand, total expenditures rose 15.9%, from billion to billion during the first eight months. The general budget deficit was 8.8 billion liras during the first eight months of 212, compared with a surplus of.3 billion during the first eight months of 211. On the other hand, the primary surplus was 27.4 billion liras during the first eight months of 212, compared with a surplus 32.1 billion during the first eight months of 211. Domestic debt stock rose 5.% to billion liras ($212.6 billion) at the end of August, from billion liras ($29.5 billion) at the end of August 211. External debt of the general government was $85.5 billion at the end of first quarter of 212, up 3.2% from the previous quarter, and up.4% from the first quarter of 211. Currency in circulation decreased 4.4% (year-on-year) in August to $53.5 billion. During the same period, narrow money supply (M1) rose 2.8%, to billion while the broad money supply (M2) rose 6.6% to 75.4 billion. On the other hand, M3 (which also includes repos, money market funds, and debt securities issued) rose 7.2% to 746. billion in August. General budget revenues decreased 6.7% (year-on-year) in August to 29.6 billion liras, while expenditures rose 11.6% to 3.7 billion. The general budget deficit was 1.1 billion liras, compared with a surplus of 4.2 billion in August of 211. The primary budget surplus was 4.7 billion liras in August, compared with 9.9 billion in August of 211. General government revenues rose to billion Liras during the first eight months of 212, compared with billion during the same period in 211 (1.9% increase). On the other Money Supply Growth (year-on-year) M1 M2 M3 Istanbul stock exchange index, which reached a peak of 71,543 on November 9 th, 21, was 66, on Project LINK Country Report: Turkey, October 212 5
6 September 26 th 212. The index was 51, on December 3, 211, and 59, on September 3, , 7, 6, 5, 4, 3, 2, 1, Istanbul Stock Exchange Stock Price Index (January 1986=1) Confidence indices for services, retail trade and construction sectors decreased 2.8%,.2%, and 2.%, respectively over the previous month in September. The decrease in the services confidence index stemmed from the deterioration in business situation over the past three months, demand (turnover) over the past and turnover expectation over the next three months. The decrease in retail trade confidence index was due to deterioration in business activity-sales expectation over the next three months. On the other hand, the decrease in construction confidence index was due to total employment expectation over the next three months. The Consumer Confidence Index decreased by 1.8 points to 91.1 in August, from 92.8 in July. The index was 91.7 in August of 211. EC, Consumer Confidence Index for Turkey On September 18 th, the Monetary Policy Committee decided to set the short-term interest rates as follows: a) One-week repo rate (the policy rate) was kept at 5.75%, b) Overnight Interest Rates: Borrowing rate was kept at 5.%, while lending rate was lowered to 1.% from11.5%, c) Late Liquidity Window Interest Rates (between 4: p.m. 5: p.m.): Borrowing rate was kept at zero, while lending rate was lowered to 13.% from 14.5% Euro-market rates (Bid, % per annum) month 6-month 3-month 12-month The Committee also raised the upper limit foreign exchange reserves that might be held to maintain Turkish lira reserve requirements. The Committee stated that increasing the reserve option coefficients and narrowing the interest rate corridor would support financial stability, and indicated that a measured step in the same direction may be taken in the future if necessary I II III IV I II III IV I II III IV I II III IV I II III IV I II III Project LINK Country Report: Turkey, October 212 6
7 2. National Policy Assumptions and International Environment The global financial crisis and its impact on economic slowdown are expected to continue throughout the forecast period. Increased uncertainty has possible negative effects on Turkish financial markets. Growth rate in the world economy is expected to be lower than the rates before the crisis. World trade is to be lower in 212, and expected to recover at a modest pace. Despite slower growth, crude oil prices are not expected to drop significantly. The one-party majority government in the parliament does not reflect the true representation in popular votes. This will always be a problem if there are no changes in election and political party laws. 4. Policy Issues and Uncertainties The biggest concern and source of uncertainty is the global recession, and economic and political situation in the region. Increasing tensions and the possibility of new conflicts in the Region coupled with the long-lasting and widespread recession are major concerns. The large outstanding public debt and the current account deficit are always a source of concern for Turkey. The economic system is extremely open, which makes it difficult for the government to adopt a policy independent of the international system. The economy is quite vulnerable to international economic and financial crises. Many sectors, especially tourism, are vulnerable to any unfavorable news or events. Fortunately, there are others sectors, which are not that much affected from international developments. 3. Forecast Summary Real GDP, which bounced back in 21 with a 9.2% growth rate from a 4.8% decline in 29, and continued its march with an 8.5% growth in 211. However, unfavorable developments in the world, especially in Europe, are expected to have adverse effects on growth. Real GDP is expected to grow at 3.8% in 212, and 4.4% in 213. The GDP deflator is forecasted to be 3.9% in 212, and 6.2% in 213. In 212, exports are expected to be $144.1 billion, and imports are expected to be $195.5 billion leading to a current account deficit of $38.2 billion. Other forecasts are given in the Table. Project LINK Country Report: Turkey, October 212 7
8 Turkey - October GDP and Major Components : Current Prices (Billions of Turkish Liras) Private Consumption (%chg) Government Consumption (%chg) Fixed Capital Formation (%chg) Inventory Change (%chg) Exports of Goods & Services (%chg) Exports of Goods (%chg) Exports of Services (%chg) Imports of Goods & Services (%chg) Import of Goods (%chg) Import of Services (%chg) GDP (%chg) GDP and Major Components : Constant Prices (Billions of Turkish Liras, 1998 prices) Private Consumption (%chg) Government Consumption (%chg) Fixed Capital Formation (%chg) Inventory Change (%chg) Exports of Goods & Services (%chg) Exports of Goods (%chg) Exports of Services (%chg) Imports of Goods & Services (%chg) Import of Goods (%chg) Import of Services (%chg) GDP (%chg) Project LINK Country Report: Turkey, October 212 8
9 GDP and Major Components : Deflator (1998=1) Private Consumption (%chg) Government Consumption (%chg) Fixed Capital Formation (%chg) Inventory Change (%chg) Exports of Goods & Services (%chg) Exports of Goods (%chg) Exports of Services (%chg) Imports of Goods & Services (%chg) Import of Goods (%chg) Import of Services (%chg) GDP (%chg) Trade Statistics (Billions of USD, except for Volume, Unit Value and Price Indexes 23=1) Exports of Goods (US$) (%chg) Imports of Goods (US$) (%chg) Exports of Goods (National Currency) (%chg) Imports of Goods (National Currency) (%chg) Export of Goods Volume Index (%chg) Import of Goods Volume Index (%chg) Export Unit Value Index (%chg) Import Unit Value Index (%chg) Export Price Index (%chg) Import Price Index (%chg) Project LINK Country Report: Turkey, October 212 9
10 BOP: Current Accounts (Billions of USD) Exports of Goods (FOB, US$) (%chg) Imports of Goods (FOB, US$) (%chg) Trade Balance (US$) (%chg) Current Account Balance (US$) (%chg) Key Economic Indictors Exchange Rates (YTL/USD) (%chg) Unemployment Rate (%)(Level) (%chg) Earnings (25=1) (%chg) CPI (23=1) (%chg) HICP (for EU only) (%chg) PPI/WPI (23=1) (%chg) Policy Interest Rate (%chg) Short-term Interest Rate (Deposit/Savings) (%chg) Long-term Interest Rate(1 Year) (%chg) Government Surplus (+)/Deficit (-) (Billions of TL) (%chg) Government Surplus as % of Nominal GDP (%chg) Government Debt Outstanding (Billions of TL) (%chg) Government Debt as % of Nominal GDP (%chg) WORLDEXPORTS (year % ch.) WORLDPM (year % ch.) PCRUDEaverage (year % ch.) Project LINK Country Report: Turkey, October 212 1
Key indicators for Bulgaria*
Key indicators for Bulgaria* This update: July 1 Next update: October 1 1. Output Nov.'17 Dec.'17 Jan.'1 Febr.'1 March'1 April'1 May'1 June'1 Industrial confidence 1.1 % 1. -.. 1. 1.. 1.. Industrial production
More informationKey indicators for Bulgaria*
Key indicators for Bulgaria* This update: 1 October 13 Next update: 3 December 13 1. Output 1 11 1 March-13 April-13 May-13 June-13 July-13 August-13 Industrial confidence indicator 1.1 % -7. -. -. -.
More informationHighlights 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 information5. Bulgarian National Bank Forecast of Key
5. Bulgarian National Bank Forecast of Key Macroeconomic Indicators for 2016 2018 The BNB forecast of key macroeconomic indicators is based on the information published as of 17 June 2016. ECB, EC and
More informationSummary of macroeconomic developments, August 2018
2 Summary of macroeconomic developments, August 2018 Escalating trade disputes have brought significant uncertainty to the global economy. Global activity indicators are suggesting a slowdown in growth,
More informationOntario 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 informationEl Salvador. 1. General trends. 2. Economic policy. Most macroeconomic indicators for El Salvador worsened in Real GDP increased by
Economic Survey of Latin America and the Caribbean 2008-2009 173 El Salvador 1. General trends Most macroeconomic indicators for El Salvador worsened in 2008. Real GDP increased by 2.5%, two percentage
More informationEconomic UpdatE JUnE 2016
Economic Update June Date of issue: 30 June Central Bank of Malta, Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website https://www.centralbankmalta.org
More informationMACEDONIAN ECONOMIC OUTLOOK 1
MACEDONIAN ECONOMIC OUTLOOK 1 Quarterly (Reference period: January March 2012) Center for Economic Analyses (CEA) Skopje, 2012 1 Supported by: Open Society Institute Think Tank Fund Budapest 1 General
More informationChart 1 Development of real GDP by quarters (year-on-year growth in %)
A T E C 1 14 12 1 8 4 2-2 -4 I -9-12 -15 8/29B volume 17, Development of the real economy in the first quarter of 29 Viera Kollárová, Helena Solčánska Národná banka Slovenska The indicators of Slovakia
More informationWhat s Ahead for the Economy: Choppy Waters or Smooth Sailing?
What s Ahead for the Economy: Choppy Waters or Smooth Sailing? NCSL Legislative Summit 21 Louisville, KY July 27, 21 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
More informationEconomic Update 9/2016
Economic Update 9/ Date of issue: 10 October Central Bank of Malta, Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website https://www.centralbankmalta.org
More informationKey indicators for Bulgaria*
Key indicators for Bulgaria* This update: July 1 Next update: 1 October 1 1. Output 11 1 13 Dec.-13 Jan.-1 Febr.-1 March-1 April-1 May-1 Industrial confidence 1.1 % -, -, -,7-9,9 -,9 -,3 -, -, -,9 Industrial
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 BELIZE 1. General trends The Belizean economy experienced a reversal of fortunes in 2016, with growth dropping to -0.8% from 2.9% in 2015. A sharp
More informationAustria 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 information18. Real gross domestic product
18. Real gross domestic product 6 Percentage change from quarter to quarter 4 2-2 6 4 2-2 1997 1998 1999 2 21 22 Total Non-agricultural sectors Seasonally adjusted and annualised rates South Africa s real
More informationEconomic 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 informationSUMMARY OF MACROECONOMIC DEVELOPMENTS
SUMMARY OF MACROECONOMIC DEVELOPMENTS FEBRUARY 2018 2 Summary of macroeconomic developments, February 2018 Forecasts for global economic developments over the medium term are optimistic. In its January
More informationMonitorING Turkey ING BANK A.Ş. Further fiscal support in the Medium Term Plan. Emerging Markets 4 October 2017
q ING BANK A.Ş. ECONOMIC RESEARCH GROUP MonitorING Turkey October 17 Emerging Markets October 17 USD/TRY MonitorING Turkey Further fiscal support in the Medium Term Plan In 17, accelerated spending and
More informationModest Economic Growth and Falling GDP Gap
Modest Economic Growth and Falling GDP Gap -. -. U.S. Economic Output (Real GDP - Quarterly Growth Rate).................................... : : : : : : : : : : -. -. -. -. -. -. -. -. -. -. -. -. -. -.
More informationMEXICO. 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- CANDIDATE COUNTRIES ECONOMIES QUARTERLY -
EUROPEAN COMMISSION DIRECTORATE GENERAL ECONOMIC AND FINANCIAL AFFAIRS International economic and financial affairs Economic affairs within the candidate countries and Western Balkans. Economic policy
More informationMEDIUM-TERM FORECAST
MEDIUM-TERM FORECAST Q2 2010 Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1 813 25 Bratislava Slovakia Contact: Monetary Policy Department +421 2 5787 2611 +421
More informationMalaysia. Real Sector. Economic recovery is gaining momentum.
Malaysia Real Sector Economic recovery is gaining momentum. Malaysia s economy grew 4.7% in the first three quarters of 23, well above the year-earlier pace of 3.7%. GDP rose 5.1% in the third quarter,
More informationTURKEY: Economy shrugging off political noise with help of external demand
TURKEY 123 TURKEY: Economy shrugging off political noise with help of external demand RICHARD GRIEVESON The economy is growing strongly, thanks to both government-driven stimulus and robust foreign demand.
More informationValentyn 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 informationInternational economy in the first quarter of 2009
The article is based on data with cutoff date as of June, 9. I volume, 8/9B International economy in the first quarter of 9 GLOBAL ECONOMY The GDP development in OECD countries recorded a further decrease
More informationThe Turkish Economy. Dynamics of Growth
The Economy in Turkey in 2018 2018 1 The Turkish Economy The Turkish economy grew at a rate of 3.2% in 2016, largely due to the attempted coup and terror attacks. The outlook was negative in the beginning
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 27 March 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationThe 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 informationEconomy Report - Malaysia
Economy Report - Malaysia (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT Economic activity in Malaysia expanded strongly in 2000 under the stimulus of strong export growth as well as
More informationFinland falling further behind euro area growth
BANK OF FINLAND FORECAST Finland falling further behind euro area growth 30 JUN 2015 2:00 PM BANK OF FINLAND BULLETIN 3/2015 ECONOMIC OUTLOOK Economic growth in Finland has been slow for a prolonged period,
More informationColombia. 1. General trends. The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of
Economic Survey of Latin America and the Caribbean 2008-2009 129 Colombia 1. General trends The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of recent years. Indicators
More informationEconomic Projections :1
Economic Projections 2017-2020 2018:1 Outlook for the Maltese economy Economic projections 2017-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationCurrent Account Gap Down To 1.6% Of GDP. Bulgaria s Foreign Debt To Foreign Creditors Declines Below 60% Of GDP
Current Account Gap Down To 1.6% Of GDP Bulgaria s Foreign Debt To Foreign Creditors Declines Below 60% Of GDP BULGARIA: CURRENT SITUATION, TRENDS AND DEVELOPMENT OPPORTUNITIES May, 2002 Bulgaria Q1 GDP
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationBRAZIL. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 BRAZIL 1. General trends Brazil s economic performance indicates that obstacles remain on the path back to growth. After declining in the past
More informationMarket Report for Republic of Korea
Market Report for Republic of Korea November 2014 Korea Financial Investment Association 1 I. Economic and Financial Background 1. General Economic Development Although economic recovery has continued
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationTHE CYPRUS ECONOMY CHARTBOOK September Bank of Cyprus Economic Research
THE CYPRUS ECONOMY CHARTBOOK September 2018 Bank of Cyprus Economic Research Table of contents Economic activity 3 Economic activity by sector 4 Consumer prices 5 Labour market 6 Industry 7 Construction
More informationOthers b Unemployed Unemployment rate percent
POPULATION Total population thousand; as of 1 March 213.2 223.3 230.8 238.4 240.0 244.8 250.0 255.5 261.0 266.0 270.1 276.0 280.6 285.1 289.5 293.7 299.0 304.9 * 309.6 * Population density persons per
More informationNo. 5/2014. Information Bulletin
No. 5/2014 Information Bulletin No. 5/2014 Information Bulletin Warsaw, 2014 Compiled from NBP materials by the Department of Statistics as at July 14, 2014. Layout and print: NBP Printshop Published by:
More informationExecutive Cotton Update U.S. Macroeconomic Indicators & the Cotton Supply Chain
Executive Cotton Update U.S. Macroeconomic Indicators & the Cotton Supply Chain January 2019 www.cottoninc.com Macroeconomic Overview: As was expected given strong consumer confidence and accelerating
More informationTHE U.S. ECONOMY IN 1986
of women in the labor force. Over the past decade, women have accounted for 62 percent of total labor force growth. Increasing labor force participation of women has not led to large increases in unemployment
More informationII. ESTONIAN BALANCE OF PAYMENTS FOR 2001
18 II ESTONIAN BALANCE OF PAYMENTS FOR 2001 In 2001 a rapid slowdown of economic growth was registered with all Estonia s major export partners The negative import growth of the euro area Finland and Sweden
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2018
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2018 SOFIA HIGHLIGHTS In 2018 the Bulgarian economy recorded growth of 3,1% on an annual basis, driven by the private consumption and investments; The
More informationQuarterly Spanish National Accounts. Base 2008
29 May 2014 Quarterly Spanish National Accounts. Base 2008 First quarter of 2014 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate First quarter of 2014
More informationThe Arkansas Economic Outlook
The Arkansas Economic Outlook Dr. Michael Pakko Chief Economist and State Economic Forecaster Arkansas Economic Development Institute, UALR December 1, 2017 Overview Review of Economic Conditions: Output
More informationEmergency Social Safety Net
WFP / Deniz Akkus Issue No. 6 Quarter 2 2018 (April June) ESSN The Emergency Social Safety Net (ESSN) is a programme supporting the most vulnerable refugees in Turkey to meet their basic needs through
More informationCentral Bank of Malta
Central Bank of Malta Quarterly Review 2006:3 Vol. 39 No. 3 Central Bank of Malta, 2006 Address Pjazza Kastilja Valletta CMR 01 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.com
More informationPrepared by Basanta K Pradhan & Sangeeta Chakravarty January and February 2013
Prepared by Basanta K Pradhan & Sangeeta Chakravarty January and February 2013 Highlights Sharp fluctuation in Industrial activity Headline inflation is down marginally Marginal rise in CPI inflation Rupee
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationSME Monitor Q aldermore.co.uk
SME Monitor Q1 2014 aldermore.co.uk aldermore.co.uk Contents Executive summary UK economic overview SME inflation index one year review SME cost inflation trends SME business confidence SME credit conditions
More informationThe international environment
The international environment This article (1) discusses developments in the global economy since the August 1999 Quarterly Bulletin. Domestic demand growth remained strong in the United States, and with
More informationStrengths (+) and weaknesses ( )
Country Report Australia Country Report Marcel Weernink Economic growth in Australia decelerates due to lower mining investments. The outlook depends heavily on demand from China for its commodities and
More informationMACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 2018
MACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 18 s e p t e m b e r 18 MAGYAR NEMZETI BANK Time of publication:
More informationInternationalEconomicTrends
InternationalEconomicTrends May 999 The Euro: New Currency and New Data The third stage of the European Economic and Monetary Union (EMU) began on January, 999. At that time the currencies of the eleven
More informationErdem Başçi: Recent economic and financial developments in Turkey
Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the April
More informationMacroeconomic and financial market developments. February 2014
Macroeconomic and financial market developments February 2014 Background material to the abridged minutes of the Monetary Council meeting 18 February 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013
More informationECONOMIC PROSPECTS FOR HONG KONG IN Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong
ECONOMIC PROSPECTS FOR HONG KONG IN 2014-15 Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong I. The Current Trends Real gross domestic product (GDP) in Hong Kong slowed to 1.8 percent
More informationReport on. the Slovak Economy
Report on the Slovak Economy june 17 Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 81 5 Bratislava Slovakia Contact: +1//5787 1 http://www.nbs.sk Discussed by
More information2.10 PROJECTIONS. Macroeconomic scenario for Italy (percentage changes on previous year, unless otherwise indicated)
. PROJECTIONS The projections for growth and inflation presented in this Economic Bulletin point to a strengthening of the economic recovery in Italy (Table ), based on the assumption that the weaker stimulus
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA SECOND QUARTER OF 2017 Sofia HIGHLIGHTS The Bulgarian economy recorded growth of 3,9% on an annual basis in Q1 2017, driven by the domestic demand; The inflation
More informationFISCAL COUNCIL OPINION ON THE SUMMER FORECAST 2018 OF THE MINISTRY OF FINANCE
FISCAL COUNCIL OPINION ON THE SUMMER FORECAST 2018 OF THE MINISTRY OF FINANCE September 2018 Contents Opinion... 3 Explanatory Report... 4 Opinion on the summer forecast 2018 of the Ministry of Finance...
More informationECONOMY REPORT - BRUNEI DARUSSALAM
ECONOMY REPORT - BRUNEI DARUSSALAM (Extracted from 2001 Economic Outlook) REAL GROSS DOMESTIC PRODUCT In 2000, Brunei Darussalam s economy improved and grew at 3 percent, compared to 2.5 percent in the
More informationSTATISTICAL REFLECTIONS 3 September 2014
66/14 STATISTICAL REFLECTIONS 3 September 14 Second-quarter 14 GDP increased by 3.9 Gross domestic product, second quarter 14, second estimation Contents Introduction...1 Production...1 Expenditure...
More informationECUADOR. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 ECUADOR 1. General trends In 2016, GDP fell by 1.5% after weak growth of 0.2% in 2015 owing to the drop in the average international oil price
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 BELIZE 1. General trends Economic growth fell from 4.1% in 2014 to 1.2% in 2015, as slower activity later in the year pulled down the average for
More informationLETTER. economic. Is Canada less dependent on the United States than it used to be? DECEMBER 2011 JANUARY bdc.ca
economic LETTER DECEMBER JANUARY 212 Is less dependent on the United States than it used to be? weathered the last recession better than the United States. The decline in real GDP in was less pronounced
More informationInformation Bulletin 11/2012
Information Bulletin 11/2012 Warsaw, 2013 Compiled from NBP materials by the Department of Statistics as at January 18, 2013. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More information10 Economic Indicators You Need to Know. A quick cheat sheet for investors and traders
10 Economic Indicators You Need to Know A quick cheat sheet for investors and traders HALIFAX AMERICA 2016 Risk Disclosure: This document has been published strictly for education purposes. It does not
More informationConsolidated Investment Report
Consolidated Investment Report September 2015 As Palm Beach County s Chief Financial Officer, the Clerk & Comptroller is charged with safeguarding and investing all County funds. The Clerk s management
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 GUATEMALA 1. General trends GDP grew by 3.7% in 2013 in real terms, versus 3.0% in 2012, reflecting the robustness of domestic demand, mainly from
More informationNationalEconomicTrends
NationalEconomicTrends January 00 Stag-nations Economic growth in the United States has slowed substantially since the days of rapid expansion during the mid to late 1990s. According to preliminary estimates,
More informationSpain s economic recovery gains speed, but the external balance worsens
Spain s economic recovery gains speed, but the external balance worsens Ángel Laborda and María Jesús Fernández 1 Correction of imbalances, together with structural reform and exogenous factors, supports
More informationSingle-family home sales and construction are not expected to regain 2005 peaks
Single-family home sales and construction are not expected to regain 25 peaks Millions of units 8. 7. 6. 5. Housing starts (right axis) 4. Home sales (left axis) 3. 2. 1. 198 1985 199 1995 2 25 21 215
More informationNo. 6/2017. Information Bulletin
No. 6/2017 Information Bulletin No. 6/2017 Information Bulletin Warsaw 2017 Compiled from NBP materials by the Department of Statistics as at August 11, 2017. Published by: Narodowy Bank Polski Education
More informationMACROECONOMIC 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 informationJUNE 2015 BANKS IN TURKEY 2014
JUNE 2015 BANKS IN TURKEY 2014 BANKS IN TURKEY 2014 Publication No : 312 June 2015 ISSN 1300-6460 (printed) ISSN 1308-3678 (online) ISBN 978-605-5327-58-3 (printed) ISBN 978-605-5327-57-6 (online) Copyright
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA SECOND QUARTER OF 2018 SOFIA HIGHLIGHTS The Bulgarian economy recorded growth of 3,6% on an annual basis in Q1 2018, driven by the private consumption and
More informationBULGARIA: ECONOMIC AND MARKET ANALYSES Monthly report, August 2015
BULGARIA: ECONOMIC AND MARKET ANALYSES Monthly report, August 2015 All data in the edition are the last available data as of 29 of August 2015 The quoted data set in this report are the last available
More informationSocial and Economic Development in Malta in the Context of the European Economic Landscape
Social and Economic Development in Malta in the Context of the European Economic Landscape Economic Overview for the European Economic and Social Committee DR GORDON CORDINA MARCH 2017 Sustainable Economic
More information2 Macroeconomic Scenario
The macroeconomic scenario was conceived as realistic and conservative with an effort to balance out the positive and negative risks of economic development..1 The World Economy and Technical Assumptions
More informationEconomic Indicators PENARIS
PENARIS : Table Contents Auto Sales...1 Balance of Payments...1 Balance of Trade (Merchandise Trade Balance)...1 Beige Book Fed Survey...1 Business Inventories and Sales...2 Capital Account...2 Durable
More informationAN ECONOMIC REPORT TO THE GOVERNOR OF THE STATE OF TENNESSEE
AN ECONOMIC REPORT TO THE GOVERNOR OF THE STATE OF TENNESSEE Matthew N. Murray, Associate Director and Project Director Center for Business and Economic Research PREPARED BY THE Center for Business and
More informationProjections for the Portuguese economy:
Projections for the Portuguese economy: 217-19 7 Projections for the Portuguese economy: 217-19 1. Introduction The projections for the Portuguese economy point to a continued economic activity recovery
More informationThe Weekly Focus. A Market and Economic Update 25 June 2018
The Weekly Focus A Market and Economic Update 25 June 2018 Contents Newsflash...3 Economic Update...3 Rates...7 STANLIB Money Market Fund... 7 STANLIB Enhanced Yield Fund... 7 STANLIB Income Fund... 7
More informationIn the period January May 2008, the Current and Capital account deficit was EUR 2,859 million (8.7% of GDP)
In the period January May 2008, the Current and Capital account deficit was EUR 2,859 million (8.7% of GDP) BULGARIA: ECONOMIC & MARKET ANALYSES June, 2008 Foreign direct investment in Bulgaria was EUR
More informationTHE CYPRUS ECONOMY CHARTBOOK June Bank of Cyprus Economic Research
THE CYPRUS ECONOMY CHARTBOOK June 2018 Bank of Cyprus Economic Research Table of contents Economic activity 3 GDP by expenditures 4 Consumer prices 5 Labour market 6 Industry 7 Construction 8 Tourism 9
More informationBank Austria Economics & Market Analysis Austria. Austrian Economy. May
Bank Austria Economics & Market Analysis Austria Austrian Economy May http://economicresearch-e.bankaustria.at Austrian Economy Author: Walter Pudschedl Imprint Published by UniCredit Bank Austria AG Schottengasse
More informationBELIZE. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 BELIZE 1. General trends The economy recovered in 2014 with growth strengthening to 3.6% up from 1.5% in 2013. Growth was driven by increased dynamism
More informationSERBIA ECONOMY REPORT 2016
SERBIA ECONOMY REPORT 2016 CONTENTS 1. MACROECONOMIC SNAPSHOT AND FORECAST... 3 2. REAL SECTOR... 4 2.1. GROSS DOMESTIC PRODUCT (GDP)... 4 2.2. INDUSTRIAL OUTPUT... 5 2.3. INDUSTRIAL SALES... 6 2.4. WHOLESALE/RETAIL...
More informationAll data in the edition are the last available data as of July 2016
All data in the edition are the last available data as of July 2016 The quoted data set in this report are the last available data, published in the official source s web sites. The sources are Ministry
More informationAntonio Fazio: Overview of global economic and financial developments in first half 2004
Antonio Fazio: Overview of global economic and financial developments in first half 2004 Address by Mr Antonio Fazio, Governor of the Bank of Italy, to the ACRI (Association of Italian Savings Banks),
More informationThe 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 informationThe Greek economy comes out of recession much more gradually than anticipated, while structural weaknesses inhibit growth.
ISSUE 23 15 May 2017 INDEX Main indicators 3 Economic climate 4 Employment, prices, wages 5 Industry, trade, services 6 Exports, tourism 7 European Commission s spring forecasts for Greece (European Commission,
More informationSUMMARY OF MACROECONOMIC DEVELOPMENTS
SUMMARY OF MACROECONOMIC DEVELOPMENTS NOVEMBER 2018 2 Summary of macroeconomic developments, November 2018 Indicators of global economic activity suggest a continuation of solid growth in the final quarter
More informationPROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND
PROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND Délia NILLES 1 1. Recent Trends and Selected Key Forecasts 1.1 Recent trends Switzerland's real GDP grew by 1.9% in 2014, but
More informationStructural changes in the Maltese economy
Structural changes in the Maltese economy Article published in the Annual Report 2014, pp. 72-76 BOX 4: STRUCTURAL CHANGES IN THE MALTESE ECONOMY 1 Since the global recession that took hold around the
More informationSummary of macroeconomic developments, April 2019
2 Summary of macroeconomic developments, April 2019 The available figures for the first quarter of this year point to continued weak economic growth in the euro area. The economic sentiment declined again
More information