At a glance: worldwide credit conditions.(International Section)

CREDIT BRIEFINGS

MEXICO STALLS. Mexican real GDP growth rose a negligible 0.4% in the third quarter of 2003, below market expectations. Manufacturing, which contracted by 3.6% in the third quarter on a year-ago basis, was the biggest drag on the economy, with sharp declines in the maquiladora sector.

EUROPEAN BANKRUPTCIES. Bankruptcies in the UK declined 8% in the first half of 2003 after rising 10% in 2002. In France, bankruptcies are up 11% for the latest 12-month period. Germany reported an 8.5% increase in bankruptcies for the first half or 2003, compared with a 16% increase in 2002.

BRAZILIAN GROWTH. Brazil's real GDP rose 0.4% in the third quarter of 2003 after two quarters of decline, signaling the end of the recession. Year over-year GDP growth was -1.5%. Business spending improved in Q3 2003, but the recovery remains fragile.

CORRUPTION INDEX. The Transparency International Corruption Perceptions Index for 2003 gives seven out of ten countries a score of 5 or less out of a dean score of 10. Among the 133 countries covered by the report, Finland is ranked as the least corrupt, and Paraguay ties with Myanmar for the most corrupt. The United States ranks 18th, just above Chile, Israel and Japan.

JAPANESE RECOVERY. Japan reported GDP growth of 0.6% for the third quarter of 2003, supported by improved profitability and increased trade with other Asian nations. Bankruptcies fell 9% in the first half of 2003. Growth for 2004 is forecast to register in the 1.3%-1.5% range.

INDIAN SURGE. India's government expects to report that economy grew at an explosive 7% rate for the year ending March 2004,the fastest pace in seven years and well above rates for most Asian nations, Strong consumer spending, improvements in farm output greater corporate efficiency are driving growth.