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2013-03-13
Economic Update


The current account deficit in South Africa stood at R212.60bn for 4Q12, more than market estimates and compared to a revised shortfall of R215.00bn recorded in 3Q12. Meanwhile, South Africa’s current account deficit as a percentage of Gross Domestic Product (GDP) came in at 6.5% in 4Q12, from a revised 6.8% posted in the previous quarter.

On a MoM basis, industrial production in the UK declined 1.2% in January, marking its sharpest decrease since September 2012 and compared to a 1.1% rise recorded in December. Meanwhile, on a monthly basis, manufacturing output dropped 1.5% in January, compared to a 1.5% increase recorded in the previous month.

The total trade deficit in the UK narrowed to GBP2.40bn in January, compared to an upwardly revised deficit of GBP2.80bn recorded in December.

The NISERGDP estimate in the UK, for the three months ending February, dropped to 0.1% in February, following a downwardly revised drop of 0.2% recorded in the previous month.

On a YoY basis, the corporate insolvencies in Germany decreased 24.4% in December.

On a monthly basis, the whole sales price index in Germany rose 0.1% in February, following a 0.3% rise recorded in January.

On an annual basis, the harmonised index of consumer prices in Germany rose 1.8% in February, compared to 1.9% rise recorded in January. On an annual basis, the consumer price index rose 1.5% in February, compared to 1.7% growth reported in January.

On a seasonally adjusted basis, the current account deficit in France widened to EUR5.00bn in January, following a revised EUR3.80bn deficit registered in the previous month.

ECB governing council member and Deutsche Bundesbank President, Jens Weidmann, stated that inflation is not a matter of concern in the euro area. At the Bundesbank's annual balance sheet press conference, Weidmann said “In the short term, we in the euro area have, if anything, declining inflation risks.”

The NIFB small business optimism in the US rose to a reading of 90.80 in February, compared to a reading of 88.90 recorded in the previous month.

On a seasonally adjusted basis, the Consumer Confidence Index (CCI) in Japan advanced to a reading of 44.30 in February, compared to a reading of 43.30 recorded in the previous month.

The Westpac Bank and the Melbourne Institute’s CCI in Australia has climbed to a reading of 110.50 in March, compared to a reading of 108.30 recorded in February.

On a monthly basis, export prices in South Korea have climbed 2.4% in February, compared to a 0.1% decline posted last month.

Thank you Anchor Capital


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