Global Economy Reviews

02.01.2007 15:37 World Economy Review - December 2006

The US economy grew at an annual rate of 2,5 percent in the fourth quarter of 2006 and will expand at a 2.4 percent pace in the first three months of 2007, according to the median forecast of 80 economists surveyed from Dec. 1 through Dec. 8. Both estimates are down from the previous survey.
The European Commission said recovery in the euro zone was broad-based and sustainable, with domestic demand emerging as the mainstay of economic expansion. The euro area is therefore well placed to face a somewhat less favourable international environment deriving from the US slowdown, - the commission said. The commission said recent developments were consistent with the earlier forecasts putting euro area average growth at 2,6% for 2006, the best performance in 6 years.
Deputy Prime Minister Alexander Zhukov said that Russian GDP grew 6,8% from January to November of 2006. Our economic growth can reach 7,0% in 2006, but the 2007 advance is predicted at no more than 6,0%.
The OECD said in the beginning of December that its composite leading indicator rose to 109.7 in October from a revised 109.5 in September. The September figure was previously given as 109.6. The OECD said analysis of the CLI data points to a weakening of growth in the US and the euro zone in the period ahead, but to improved performance in Japan. For the US, the CLI edged up to 107.7 in October from 107.6 in September, but its six-month rate of change weakened. The CLI for the euro zone rose to 109.4 from 109.1 but its six-month rate of change fell for the fifth month in a row. Meanwhile, the Japan CLI rose to 100.8 from 100.6 and its six-month rate of change improved for the third month in succession. The UK CLI rose to 102.0 from 101.8 and its six-month rate of change improved after being relatively flat since June, the OECD said.

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03.12.2006 14:33 World Economy Review - November 2006

The U.S. economy grew at a 2.2% annual pace in the third quarter, a bit faster than the 1.6% initially estimated, but down from the 2.6% in the previous quarter. The economy has grown 3% in the past year in real terms, just about the rate economists say is the long-term potential. In nominal terms, GDP was at an annual rate of $13.33 trillion in the third quarter.
GDP of Eurozone grew by 0.5% in the euro area and by 0.6% in the EU25 during the third quarter of 2006, compared to the previous quarter. Britain recorded 0,7% in economic growth for the third quarter over the previous quarter and 2,7% for the year, the office for National Statistics said in its second estimate this week. De Statis, the German federal statistics office, says this week the GDP of Germany grew 0,6% in the third quarter of 2006. Compared with a year earlier, the GDP in the third quarter of 2006 was up 2.8%.
The Japanese growth data was stronger than expected with a third-quarter GDP increase of 0.5%. Japanese GDP grew 2,0% compared to the third quarter of 2005.
Gross domestic product of Russia had risen 6.8% in January-October 2006, and that GDP growth from October 2005 to October 2006 was 8.2%. Annual GDP in Russia came to 6.9% in the third quarter of the year, compared to the total 6.6% last year.
U.S. economy will not dent the recovery that is gathering pace in Europe, the OECD said in November. The 12-nation euro zone will post 2,6% growth this year and 2,2% in 2007, it predicted, upgrading the previous forecasts of 2,2% and 2,1%. US Economic growth is predicted to be 2,5% in 2007 compared to 3,3% in 2006. GDP in Russia is expected to amount to 6.6% or 6.7% in 2006 and 6,0% in 2007. The industrial production growth estimate for 2006 has been raised from 4.6% to 4.8%, which is likely to lend support to the GDP growth of 6.7%.

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