GDP UPDATE
July 2013
TABLE OF CONTENTS
AMERICAS
UNITED STATES
BELIZE
CHILE
ASIA
CHINA
MALAYSIA
PHILIPPINES
EUROPE / AFRICA / MIDDLE EAST
BELARUS
GHANA
ITALY
NIGERIA
PORTUGAL
QATAR
UNITED KINGDOM
AMERICAS
UNITED STATES
(1.) Barclays has cut its second-quarter GDP
trading estimate to 1.0% from 1.6% after the trade deficit widened in May. In a
note to clients, Barclays blamed the larger-than-expected increase in imports in
the month for the downward revision. A higher trade deficit is a drag on GDP.
Earlier, the Commerce Department reported that the May trade gap rose 12% to $45
billion in May, well above economists' forecast of a deficit of $40.3 billion.
(2.) The U.S. economy suddenly looks weaker, after
the government revised its data for the first quarter. Gross domestic product --
the broadest measure of economic activity -- rose at a mere 1.8% annual pace
between January and March……….remaining text not included in this sample.
CHILE
The Chilean economy this year will grow at a slower
pace than forecasted in March, as local activity and demand decelerated more
than anticipated in the first quarter of 2013, according to the central bank.
In its second Monetary Policy Report for the year,
the central bank downwardly revised its gross domestic product growth outlook to
a range between 4% and 5%, from a range of between 4.5% and 5.5% it had
estimated in its first report in March.
The bank also downwardly reviewed its 2013 copper
price estimate to an average $3.25 a pound, from $3.50 in the previous report.
Lower copper prices will widen the current account deficit to 4.7% of GDP, the
bank said .……….remaining text not included in this sample.
ASIA
CHINA
A Chinese think tank has opined economic growth
will be steady in the second half of the year, with a GDP growth rate of 7.6
percent.
In a report by the State Information Center, it
cited the government's "stabilizing economic growth" measures will have a
positive effect.
However, the report cited risks of bad local
government loans, slowing growth of central government revenue, diminished
export competitiveness and industrial capacity are growing.
Chinese markets are recovering from a crunch in the
domestic financial markets that saw short-term money rates spike to record highs
and stock markets swoon in recent weeks.……….remaining text not included in this
sample.
MALAYSIA
Malaysian Institute of Economic Research (MIER) is
set to revise its initial economic growth forecast for 2013 at a mid-year review
on slumping exports and slower private consumption.
The think tank had in January projected that the
Malaysian economy will expand 5.6% this year.
"Our export performance in recent months is a major
concern,'' executive director Dr Zakariah Abdul Rashid said.
"It would be very difficult for Malaysia to achieve
the targeted growth this year if exports continue to shrink,'' he told
reporters.
Zakariah said the growth target would probably be
lowered soon after reviewing the country's performance in the first half of the
year.
He also said that the latest round of lending curbs
by Bank Negara Malaysia would also have a "negative ……….remaining text not
included in this sample.
PHILIPPINES
The International Monetary Fund (IMF) said it
expects Philippine GDP to grow 7% this year thanks to strong domestic
consumption.
"The economic growth momentum here (Philippines) is
higher. The region's growth has been softer than expected, but the Philippines
is an outlier," IMF resident representative Shanaka Peiris said during a
briefing.……….remaining text not included in this sample.
EUROPE / AFRICA / MIDDLE EAST
BELARUS
The National Statistics Committee of Belarus has
carried out the second evaluation of Belarus’ gross domestic product in the
first quarter of 2013. The evaluation has revealed that GDP made up Br129
trillion in current prices, up by 3.8% in comparable prices over the first
quarter of 2012, BelTA learned from the National Statistics Committee.
The first evaluation estimated Belarus’ GDP at
Br123.3 trillion, up by 3.5% compared to January-March 2012. The previous
evaluation was tentative, because it was based on the data obtained via
statistical surveys, expert analysis and indirect calculations, the National
Statistics Committee informed.
The second evaluation of Belarus’ gross domestic
product in the first quarter of 2013 was conducted using three methods: the
production method, the method based on the sources of income and the method
based on the use of income.……….remaining text not included in this sample.
ITALY
As crisis-hit Italy struggles to stimulate growth,
new figures released recently showed that the country's economy was in decline.
According to the Italian central bank, national
public debt reached 127% of gross domestic product (GDP) last year, up from
120.8% in 2011, placing the country second in the European Union (EU) after
Greece.
Tax burdens continued to be a major obstacle to
recovery, increasing to 44% of GDP in 2012, up from 42.6% in 2011.……….remaining
text not included in this sample.
PORTUGAL
Budgetary rigor demanded by international lenders
may be the proximate cause of Portugal's political crisis, but Lisbon is also
paying the price for not whipping its economy into shape in better times.
The survival of Prime Minister Pedro Passos
Coelho's centre-right coalition was hanging by a thread as the rightist CDS-PP
party debated whether to withdraw its support and leave the government without a
majority.
Like ordinary Portuguese, the CDS-PP is resisting
further spending cuts needed to keep Portugal on track to meet the
debt-reduction goals laid out in its 78 billion euro (66 billion pounds) bailout
program with the European Union and International Monetary Fund. ……….remaining
text not included in this sample.
UNITED KINGDOM
Britain's powerhouse services sector grew at the
fastest pace in two years in June, completing an economic hat trick after upbeat
manufacturing and construction data reports and putting the country "well on the
road to recovery".
Strong services data could signal the end on calls
for more quantitative easing.
Economists estimated that the UK grew by "at least
0.5%" in the three months to June, building on the 0.3% growth in the first
quarter, with more to come.……….remaining text not included in this sample.
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