GDP UPDATE HEADLINES – July 2013
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, marking a sharp downward revision from the 2.4% pace
reported by the Commerce Department last month.
The government revises its GDP figures several
times, but economists weren't expecting such a dramatic change from the third
estimate.
"This was certainly unexpected and, I believe,
rare," said Jennifer Lee, senior economist with BMO Capital Markets, referring
to the revision.
The weaker figures came primarily from revisions to
consumer spending, exports and commercial real estate.
Consumer spending, which alone accounts for roughly
two-thirds of the GDP measure, rose at a 2.6% annualized pace in the first
quarter, according to the revisions. That's down from the 3.4% pace the Commerce
Department estimated in its prior report.
Meanwhile, spending on nonresidential buildings
shrunk 8.3% in the first quarter, offsetting some of the economic boost from the
ongoing housing recovery.
U.S. exports to other countries contracted, and
government spending cuts continued to be the largest drag on economic growth.
Economists have already turned their attention to
studying how the economy fared in the spring. Their estimates point to more of
the same slow growth. (The remaining text is
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.
An analyst in China has suggested the Chinese
government will map out changes to policy in July to December, with reform as a
key economic agenda fuel present and future growth.
During this process, new investment opportunities
will be scheduled providing momentum for economic recovery, a series of reforms
concerning resource product prices, land expropriation, medical and health care
system, private investment, and a VAT scheme……(The remaining text is 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 remaining text is not included in this
sample.)
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