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The record GDP was the sharpest rise in quarterly growth since Germany reunified. Pleasing for analysts citing the effect as a one off because of Euro trading down to 119 in the quarter was German consumer spending growing for the first time in a year. Private consumption rose by 0.6 percent in the second quarter. This should give the basis for a strong third quarter. DIHK Chambers of Industry and Commerce has forecast Germany’s economy to grow by 3.4 percent in 2010.

The European debt crisis though is still omnipresent because of the PIIGS debt problems.
German Economy Minister Rainer Bruederle said 'The recovery has reached the full breadth of the German economy.' Said. This follows comments last week that German is to experience a 'XL-upswing'.]]> billyaustindillon@nospam.com (billyaustindill) Tue, 24 Aug 2010 05:50:06 -0700 http://www.traderscommunity.com/news.php?item.34785.15 http://www.traderscommunity.com/news.php?item.34719.15 UK Jan CBI factory orders balance highest since Dec 08

British factory orders fell at their slowest pace since December 2008 in January, the CBI's monthly industrial trends survey showed on Thursday.

The Confederation of British Industry survey's total order book balance improved to -39 from -42 in December, a smaller improvement than the consensus forecast of -37.

The output expectations balance recovered to +4 from -7, while the quarterly business situation balance improved to +12 from +10, its highest since April 2007.

'After nearly two years of falling output manufacturers are seeing a return to modest growth, thanks in part to improved overseas demand and much slower stock reduction,' said CBI chief economics adviser Ian McCafferty.

'It is encouraging that the weaker pound is now providing firms some respite as global demand improves.' K
]]> melanie@nospam.com (traders) Thu, 21 Jan 2010 03:01:42 -0800 http://www.traderscommunity.com/news.php?item.34719.15 http://www.traderscommunity.com/news.php?item.34683.15
The new figures will be included in a budget update to be released on Wednesday, which should also point to a slightly better-than-expected deficit figure.

'The international environment and demand for French products has improved and this has led us to revise our growth forecast from 0.75 to 1.4 percent,' Lagarde told reporters after meeting government ministers.

Bank of France Governor Christian Noyer said he thought the new forecast was reasonable.

'1.4 percent is probably quite a realistic forecast as far as we can determine today because it's exactly what the consensus of economists shows,' Noyer told LCI Television.

The euro zone's second-biggest economy is expected to have contracted some 2.25 percent last year, with the budget deficit seen at 8.2 percent of gross domestic product.]]> melanie@nospam.com (traders) Mon, 18 Jan 2010 13:17:33 -0800 http://www.traderscommunity.com/news.php?item.34683.15 http://www.traderscommunity.com/news.php?item.34657.15
The mid-range forecast in the survey of 43 economists was for the Mannheim-based ZEW's economic sentiment index to fall to 49.5 from 50.4 in December.

Germany emerged from its deepest post-war recession in the second quarter of 2009 but data points to a stuttering recovery, and a German statistics official said this week there may have been zero growth in the fourth quarter.

Economy Minister Rainer Bruederle said on Friday growth in the first quarter of this year could also be close to zero.

Another Reuters poll showed the flash Markit purchasing managers' index (PMI) for the services sector rising slightly to 53.0 from 52.7 in December, and a PMI measure for the manufacturing sector up to 52.9 from 52.7.]]> melanie@nospam.com (traders) Sat, 16 Jan 2010 23:47:18 -0800 http://www.traderscommunity.com/news.php?item.34657.15 http://www.traderscommunity.com/news.php?item.34590.15
Industrial output in the 16 countries using the euro jumped 1.0 percent against October, the European Union's statistics office said, also revising upwards October's data to a 0.3 percent decline from the previously reported 0.6 percent fall.

Economists polled by Reuters had on average expected a 0.5 percent monthly increase in November production and an 8.5 percent year-on-year fall. Eurostat said production fell only 7.1 percent annually. But even with the November jump, economists said industrial production in the last quarter of 2009 could have been less than half the 2.3 percent increase logged in the third quarter.

'That would be consistent with other evidence suggesting that growth is being sustained but the upward momentum is starting to fade,' said Nick Kounis, economist at Fortis.]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 02:32:48 -0800 http://www.traderscommunity.com/news.php?item.34590.15 http://www.traderscommunity.com/news.php?item.34592.15
The Office for National Statistics said private housing orders were 56 percent higher in the three months to November compared with the previous three months and were 23 percent higher than a year ago.

Infrastructure orders were 28 percent lower than in the previous three months but shot up 102 percent on the year, while private commercial orders were up 17 percent on a three-month/three-month basis but were down 34 percent on the year.]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 02:04:30 -0800 http://www.traderscommunity.com/news.php?item.34592.15 http://www.traderscommunity.com/news.php?item.34539.15
National statistics institute ISTAT revised up October's data to +0.7 percent from +0.5 percent and analysts said Italy and the euro zone as a whole looked set for subdued growth in the months ahead.

Italy's output data followed a November rise of 0.7 percent in Germany, the euro zone's largest economy, and a 1.1 percent increase in France. The German data was below expectations, while France's was stronger than forecast.

For graphic on Italy ouput data, click on:

http://graphics.thomsonreuters.com/0110/EZ_IPC0110.gif

Analysts expect aggregate data for the 16-nation euro zone to show a 0.5 percent monthly increase when the data is published on Thursday, following a 0.6 percent drop in October.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 02:46:10 -0800 http://www.traderscommunity.com/news.php?item.34539.15 http://www.traderscommunity.com/news.php?item.34546.15
The Office for National Statistics said industrial output rose 0.4 percent in November after a downwardly-revised 0.1 percent decline in October. This gave a 6.0 percent year-on-year decline, easing from October's 8.4 percent fall.

Analysts had expected a monthly rise in output of 0.3 percent.

The figures are likely to support expectations that Britain's economy emerged from its deepest recession for more than 50 years at the end of 2009, though weak manufacturing raises concerns about the sustainability of any recovery.

Sterling rose against the dollar and the euro after the news, but economists were cautious as the boost from oil and gas extraction caused by the end of seasonal maintenance could prove to be a one-off.

'At face value headline industrial production is not a bad number, but it is disconcerting that manufacturing went sideways,' said Alan Clarke, economist at BNP Paribas.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 02:01:19 -0800 http://www.traderscommunity.com/news.php?item.34546.15 http://www.traderscommunity.com/news.php?item.34549.15
The contraction in gross domestic product (GDP) was more than five times more severe than the country's previous postwar nadir, and deeper than the consensus forecast in a Reuters poll of 31 economists for GDP to shrink by 4.8 percent.

'Export demand collapsed, the recession hit Germany's export industry with full force,' said Andreas Scheuerle at DekaBank.

'The recovery is also coming in from abroad. We're posting growth again and based on our potential that's good news. But the recovery remains choppy,' he said.

Germany will raise its growth forecast for 2010 to about 1.5 percent from 1.2 percent, government sources told Reuters on Tuesday.

Economy Minister Rainer Bruederle said separately he assumed a modest increase in fourth quarter GDP.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 01:06:48 -0800 http://www.traderscommunity.com/news.php?item.34549.15