Country Briefings articles from February 2005

Country Briefings archives from February 2005

Australia: Central Bank Warns of Possible Rate Rise on the Horizon.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: A survey of electronic retail sales data showed that in January consumer spending had fallen from the previous month. The Cashcard Retail Activity Index in January fell a seasonally adjusted 1.2%...

Chile: Highest Ever Annual Trade Surplus Registered in 2004.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: The central bank raised its forecast for economic growth in 2005, saying that domestic demand is strengthening. The economy will grow by between 5.25% and 6.25% in 2005 compared with an estimated...

Hungary: EU Deficit Target Reached in 2004.(European Union)
February 14, 2005... Byline: BARRY WHEELOCK The Economy: Household confidence in Q4 2004 rose slightly compared with the year before, but was stagnant when compared to the previous quarter, according to a report released by economics research institute...

India: Manufacturing Drives Economic Growth.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: The government has announced that it expects the economy to grow by 6.9% in the fiscal year ending 31 March 2005, helped by the strong growth in both manufacturing and services sectors. This is...

Peru: Peru Exports Record US$12bn in Goods in 2004.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: Peru's economy in November grew at the fastest pace in 32 months as copper, fishmeal and natural gas output expanded. Gross domestic product increased by 8.4% in November from a year earlier,...

Philippines: Debt Ratings Cut by Standard & Poor's on Deficit Concerns.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: In 2004 the agriculture sector grew 5.1% from 3.77% in the previous year. Agriculture Secretary Arthur Yap said that the strong growth in the grains and fisheries sectors contributed to improved farm...

Poland: World Bank Supports Two-Year Ascension Plan.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: GDP growth of 4.8% in Q3 was disappointing, according to analysts, because exports did not play a key role, while investments were below expectation and inventories grew for a third quarter in a row....

Russia: Investor Confidence Seen as Crucial in 2005.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: There was renewed controversy about President Vladimir Putin's goal for GDP to double by 2010. Amid various estimates for GDP growth throughout the end of 2004, Economic Development Minister German...

South Korea: Stock Market Reaches Five-Year High.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: Long working hours were part of Korea's recipe for industrial success, but competition from China with its endless resources of cheap labour has caused a rethink. The country has recently downshifted...

Switzerland: Switzerland Cuts 2005 Growth Forecast as Exports Slow.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: The central bank (SNB) left its benchmark interest rate unchanged following two increases in six months, commenting that the country's economic recovery has "lost some of its momentum". Policy...

Thailand: Tsunami Will Have Little Effect on Economy.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: The central bank has lowered its 2005 GDP forecast to between 5.25% and 6.25% from a previous forecast of between 5.5% and 6.5%, citing the impact of the Tsunami. Central bank Assistant Governor...

United Kingdom: Retailers Suffer Poor Christmas.
February 14, 2005... Byline: BARRY WHEELOCK The Economy: Inflation crept up to 1.6% in November, but it still remains below the 2% target set by the Bank of England in 1998. The level has been held down largely due to falling costs of manufactured imports,...

Australia: Central Bank Warns of Possible Rate Rise on the Horizon.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: A survey of electronic retail sales data showed that in January consumer spending had fallen from the previous month. The Cashcard Retail Activity Index in January fell a seasonally adjusted 1.2%...

Canada: IMF Cuts 2005 Economic Growth Forecast.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: According to Statistics Canada, November sales at the country's large retailers increased by 0.4% compared to October to C$7.8bn (US$6.4bn) following strong trade in beverages and food (which rose...

Chile: Highest Ever Annual Trade Surplus Registered in 2004.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: The central bank raised its forecast for economic growth in 2005, saying that domestic demand is strengthening. The economy will grow by between 5.25% and 6.25% in 2005 compared with an estimated...

China: President Hu Jintao Tightens Grip on Chinese Military.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: 54 firms, including corporate luminaries such as BP, Siemens, ABB, Microsoft, Dell, Ericsson and Sony, are reported to be about to submit a report to the State Council Legislative Affairs Office,...

France: Growth in Consumer Spending Points to Eurozone Recovery.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: According to unadjusted figures released by the Housing Ministry, in Q4 2004 housing approvals increased by 21.3% from a year earlier to 129,716. During the same quarter housing starts rose 14.7%...

Hungary: EU Deficit Target Reached in 2004.(European Union)
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Household confidence in Q4 2004 rose slightly compared with the year before, but was stagnant when compared to the previous quarter, according to a report released by economics research institute...

India: Manufacturing Drives Economic Growth.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: The government has announced that it expects the economy to grow by 6.9% in the fiscal year ending 31 March 2005, helped by the strong growth in both manufacturing and services sectors. This is...

Israel: Labour Joins Likud in Coalition Government.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: The fruits of the economic recovery can be seen by the increase in the numbers of businesses. Some 30,700 new businesses opened in 2004, 13.7% up on the 27,000 started during 2003, while 49,500...

Malaysia: MIER Forecasts 5.7% Economic Growth for 2005.(Malaysian Institute of Economic Research )
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Credit Suisse First Boston (CSFB) on January 17th said that buoyant consumer spending is expected to be the key factor in the country's resilience in the year ahead. In a report CSFB Senior...

Mexico: Central Bank Hikes Rates to Curb Inflation.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Economy Minister Fernando Canales said that foreign direct investment in 2004 totalled US$16bn, up from a total of US$10.731bn in 2003 (with the US and Spain as the top investors). In 2004...

Pakistan: Central Bank Forecasts Economic Growth of 6.5% to 7.1%.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Moody's Investors Service on January 20th changed the outlook on the country's B2 foreign currency country ceiling for bonds from stable to positive. Moody's also changed the outlook on B2 rated...

Peru: Peru Exports Record US$12bn in Goods in 2004.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Peru's economy in November grew at the fastest pace in 32 months as copper, fishmeal and natural gas output expanded. Gross domestic product increased by 8.4% in November from a year earlier,...

Philippines: Debt Ratings Cut by Standard & Poor's on Deficit Concerns.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: In 2004 the agriculture sector grew 5.1% from 3.77% in the previous year. Agriculture Secretary Arthur Yap said that the strong growth in the grains and fisheries sectors contributed to improved farm...

Poland: World Bank Supports Two-Year Ascension Plan.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: GDP growth of 4.8% in Q3 was disappointing, according to analysts, because exports did not play a key role, while investments were below expectation and inventories grew for a third quarter in a row....

Russia: Investor Confidence Seen as Crucial in 2005.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: There was renewed controversy about President Vladimir Putin's goal for GDP to double by 2010. Amid various estimates for GDP growth throughout the end of 2004, Economic Development Minister German...

South Korea: Stock Market Reaches Five-Year High.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Long working hours were part of Korea's recipe for industrial success, but competition from China with its endless resources of cheap labour has caused a rethink. The country has recently downshifted...

Switzerland: Switzerland Cuts 2005 Growth Forecast as Exports Slow.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: The central bank (SNB) left its benchmark interest rate unchanged following two increases in six months, commenting that the country's economic recovery has "lost some of its momentum". Policy...

Thailand: Tsunami Will Have Little Effect on Economy.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: The central bank has lowered its 2005 GDP forecast to between 5.25% and 6.25% from a previous forecast of between 5.5% and 6.5%, citing the impact of the Tsunami. Central bank Assistant Governor...

United Kingdom: Retailers Suffer Poor Christmas.
February 16, 2005... Byline: BARRY WHEELOCK The Economy: Inflation crept up to 1.6% in November, but it still remains below the 2% target set by the Bank of England in 1998. The level has been held down largely due to falling costs of manufactured imports,...

Czech Republic: Stock Market Celebrates Most Successful Year to Date.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Government debt reached CZK592.9bn at end of 2004, according to a Finance Ministry statement, with the state utilising bonds with longer maturity to finance its debt. The Finance Ministry has...

Hong Kong: Government Defers HK$3 Billion REIT at Last Minute.(Real Estate Investment Trust)
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Residential mortgages in November rose to the highest level since 1999, posting 13% growth over the month prior to HK$13.9bn while mortgage delinquency ratios improved to 0.40% from 0.43% in October....

Japan: Japan Toys with Constitutional Reform.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Both the Bank of Japan (BoJ) Governor Toshihiko Fukui and Finance Minister Tanigaki expressed doubts that Japan will completely escape from deflation in 2005. And then on January 24th Toshiro Muto,...

New Zealand: Rising NZ$ Cuts Exports and Widens Deficit.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: According to Statistics New Zealand the provisional value of imports for November is NZ$3,299m, the highest monthly value ever recorded, while the estimated value of exports is NZ$2,620m, resulting...

South Africa: Nepad Mega-Projects put to G-8 Leaders.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Black empowerment seems to be going backwards with a number of black-controlled businesses losing investor confidence. Concerns about the management strength of the businesses and a dislike of the...

South Korea: Stock Market Reaches Five-Year High.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Long working hours were part of Korea's recipe for industrial success, but competition from China with its endless resources of cheap labour has caused a rethink. The country has recently downshifted...

Sri Lanka: Country Struggles to Cope with Devastating Tsunami.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: As a result of rising inflation levels and the weakening rupee, in November the Monetary Board announced that policy rates would be increased by 50 basis points, bringing the repo and the reverse...

United Kingdom: Retailers Suffer Poor Christmas.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: Inflation crept up to 1.6% in November, but it still remains below the 2% target set by the Bank of England in 1998. The level has been held down largely due to falling costs of manufactured imports,...

United States: President Bush Sends US$2.57 Trillion Budget to Congress.
February 22, 2005... Byline: BARRY WHEELOCK The Economy: In 2003 health spending increased by 7.6% compared to 2002 (the slowest rate in seven years), as benefits were cut for state and federal programmes, eligibility guidelines were tightened and less was...