At a glance: worldwide credit conditions.(Illustration)

 
ECONOMIC GROWTH 
 
GDP % change from previous quarter 
 
             Q2 03    Q3 03    Q4 03    Q1 04 
 
U.S.           0.8     2.0      1.0      1.0 
Canada        -0.1     0.3      0.4 
Mexico         0.2     0.4      1.2 
EU 15          0.0     0.4      0.2 
Germany       -0.1     0.2      0.4      0.6 
UK             0.6     0.8      0.8 
France        -0.3     0.4      0.4      0.6 
Japan          0.8     0.6      1.7 
 
Source: Eurostat (www.europa.eu.int); Instituto Nacional 
(www.inegi.gob.mx) 
 
U.S. BANKCRUPTCY RATES 
 
Number of bankruptcy petitions filed in federal courts 
and % change from previous quarter 
 
Q3 02       401,306     (1.6%) 
Q4 02       395,129    (-1.5%) 
Q1 03       412,968     (4.5%) 
Q2 03       440,257     (6.6%) 
Q3 03       412,989    (-6.6%) 
Q4 03       393,348     (4.8%) 
 
Source: Administrative Office of 
the US Courts (www.uscourts.gov). 
 
U.S. Business Bankruptcies, Year Ending 12/30 
 
1999         37,884 
2000         35,472 
2001         40,099 
2002         38,540 
2003         35,037 
 
Source: Administrative Office of 
the US Courts (www.us.courts.gov). 
 
U.S. INFLATION 
 
U.S. Consumer Price Index--Urban % Change 
 
 Sep.     Oct.     Nov.     Dec.     Jan.     Feb.    Mar 
  0.3      0.3     -0.2      0.2      0.5      0.3    0.5 
 
Produce Price Index % Change 
 
  0.2      0.8     -0.3     -0.2      0.6      0.1    0.5 
 
Source: US Bureau of Labor Statistics (www.bls.gov). 
 
INTERNATIONAL UNEMPLOYMENT 
 
             11/03    12/03     1/04     2/04       3/04 
 
U.S.           5.9      5.7      5.6      5.6        5.7 
Canada         6.7      6.6      6.6      6.6        6.7 
Japan          5.2      5.0      5.0      5.1        4.7 
France         9.2      9.2      9.2      9.4        9.4 
Germany        9.1      9.1      9.1      9.2        9.3 
UK             4.9      4.8      4.8      4.8        3.4 
 
U.S. INTEREST RATES 
 
                      Q4 03    Q1 04    Q2 04 *    Q3 04 * 
 
Federal Funds          1.00     1.00     1.00       1.17 
3 mo. T bill           0.92     0.92     1.15       1.32 
6 mo. T bill           1.00     0.98     1.25       1.42 
1 yr. T bill           1.30     1.22     1.52       1.68 
2 yr. T note           1.86     1.69     2.03       2.19 
10 yr. T note          4.29     4.02     4.30       4.41 
 
Source: Federal Reserve (www.frb.gov). * Forecast by 
National City Corp. (www.nationalcity.com). 
 
INTERNATIONAL INTEREST RATES 
 
             11/03    12/03     1/04     2/04       2/04 
 
Short-term rates 
(3-mo. interbank rates or 3-mo. CDs or T bills) 
 
U.S.          1.11     1.10     1.06     1.05       1.05 
Canada        2.73     2.66     2.37     2.25       2.10 
Mexico        5.23     6.18     5.11     5.62       6.21 
Japan         0.03     0.03     0.03     0.03 
Euro zone     2.16     2.15     2.09     2.07       2.03 
UK            3.91     3.95     3.99     4.10 
 
Long-term rates 
(secondary market yields on long-term bonds) 
 
U.S.          5.03     4.94     4.83     4.68       4.57 
Canada        4.79     4.66     4.61     4.41       4.33 
Japan         1.12 
Euro zone     4.44     4.36     4.26     4.18       4.02 
UK            5.05     4.89     4.79     4.81 
 
Source: OECD (www.oecd.org). 
 
U.S. TRADE 
% change             Feb. 04     YTD compared 
                                 w/same period 2003 
 
Exports                 4.0%     10.0% 
  Merchandise           5.1%     10.3% 
  Services              1.4%      9.2% 
Imports                 1.6%      9.6% 
  Merchandise           1.7%      9.4% 
  Services              1.3%     10.6% 
 
U.S./Canada. Feb. YTD exports totaled $27.77 
billion, up 6.1% from a year ago. Imports were 
$38.0 billion, up 7.2%. 
 
U.S./Mexico. Feb. YTD exports totaled $16.2 
billion, up 9.1% from a year ago. Imports were 
$22.8 billion, up 4.6%. 
 
U.S./Europe. Feb. YTD exports totaled $26.2 
billion, up 9.8% from a year ago. Imports were 
$39.5 billion, up 8.3%. 
 
Source: International Trade Administration 
(www.ita.doc.gov). 
 
RATING WATCH LIST 
 
The Coface country ...