Stronger demand for services could drive the United States GDP growth rate higher, causing many investment banks to turn bullish just as U.S. stocks see a wide selloff.

Service industry revenue rose 5% year-over-year in the third quarter of 2014, far above analysts’ expectations. Economists are attributing the surprise surge to greater discretionary purchasing power amongst American consumers as oil prices fall. The news caused analysts at JP Morgan to upgrade GDP expectations from 4.3% to 4.4%, while Barclays raised their expectation from 4.1% to 4.2%.......The remaining text is not included in this sample.

Venezuela's economy shrank by 4.2% in the first three quarters of 2014, an adviser to the country's main opposition group said, after almost a year of official silence about the state of the OPEC nation's economy.

The central bank has not published any GDP data for this year and has not revealed inflation figures since August's 63.4% 12-month reading, spurring criticism that President Nicolas Maduro is hiding bad economic news. ......The remaining text is not included in this sample.

Investors will keep an ear to the ground as China's policymakers gather in Beijing for the country's Central Economic Work Conference (CEWC) – a closed-door annual meeting that sets economic priorities for the coming year.

Dates for the meeting have not been officially announced, but the meeting is expected to kick off on December 16, according to Ta Kung Pao - a Hong Kong-based newspaper with ties to the mainland government. The meeting usually lasts 2-3 days.

A key issue for the CEWC will be setting next year's gross domestic product (GDP) growth target, viewed as an important signal of policy intentions. ......The remaining text is not included in this sample.

India's GDP growth is likely to recover in the next financial year, 2015-16, and may surpass China's growth by 2016-17, according to Hemant Kanawala, head of equity at Kotak Life Insurance.

"The Indian GDP is likely to recover in FY16. We are expecting that growth will recover above 6% next year and by CY16 (Calendar Year 2016) or FY17 India is likely to surpass GDP growth of even China. India is likely to emerge one of the fastest growing economies among the emerging markets," he said. ......The remaining text is not included in this sample.

Japan’s economy shrank more than previously estimated in the third quarter, contracting 1.9% as capital spending declined and private consumption remained weak.

The economy has now contracted for two consecutive quarters, a common definition for recession, the data confirmed, less than a week before general elections that Prime Minister Shinzo Abe has framed as a referendum on his economic policies.

Last month, the government estimated that gross domestic product contracted 1.6% during the July-September period. Soon after, Mr. Abe cited the weak economy in saying he would delay a second increase in the nation’s sales tax, and called a snap election in search of a mandate. ......The remaining text is not included in this sample.

Thailand's economy may expand by less than 1% in 2014 due to weak exports and slow government spending, according to Finance Minister Sommai Phasee.

"This year's growth may not be 1%," Mr Sommai said. ......The remaining text is not included in this sample.

Malta's Individual Consumption decreased slightly in 2013 and saw its GDP increase by a similar margin, according to a Eurostat report

The report uses Actual Individual Consumption (AIC) as a measure of material welfare of households. In 2013, AIC per capita expressed in Purchasing Power Standards (PPS) varied from 49% to 136% of the EU28 average across the Member States. ......The remaining text is not included in this sample.

The Irish economy remains on course to grow by around 4.7% this year despite a slowdown in gross domestic product growth in the third quarter, Finance Minister Michael Noonan said. ......The remaining text is not included in this sample.

Portugal’s economy may grow at the fastest rate in 2015 since before the financial crisis if oil prices don’t rebound, according to Economy Minister Antonio Pires de Lima.

Gross domestic product may expand more than 2% next year, exceeding the government’s 1.5% forecast, barring a rally in the price of oil, Pires de Lima said. That would be the fastest pace since 2007.

The country’s 2015 budget used a forecast of $96.70 a barrel for next year’s Brent crude oil prices. Brent for January settlement rose 1% recently to $66.84 a barrel, 30% below that forecast, after reaching a five-year low the previous day. ......The remaining text is not included in this sample.

Turkey’s economic growth slowed in the third quarter as falling borrowing costs failed to spur domestic demand and agricultural output contracted.

Gross domestic product grew 1.7%, the slowest pace since 2012, compared with a revised 2.2% during the previous three months, according to official data. The median estimate in a Bloomberg survey of 18 analysts was 2.8%. Seasonally-adjusted output rose 0.4% from the previous quarter. ......The remaining text is not included in this sample.

A complete analysis of GDP and monthly updates for individual countries are included as part of Air & Water Pollution Monitoring World Markets.

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