China: Lowers growth target as Wen calls for sustainability
Chinese Premier Wen Jiabao said the nation set a lower growth target for the period from 2011 through 2015 than in previous five years as part of efforts to create a more sustainable economy. The government set an economic growth target of 7% for the so called 12th five-year plan period, which covers 2011 through 2015, Wen announced. (Bloomberg)
India: Predicts 9.25% growth next year, signals lower budget gap
India’s finance ministry said economic growth may accelerate to as much as 9.25% in the next financial year, the fastest pace since 2008, and signaled a cut in the budget deficit to help slow inflation. Mukherjee is due to unveil the budget on 28 Feb for the year starting 1 April. (Bloomberg)
US: Economy grew 2.8% in fourth quarter, revised From 3.2%
The US economy grew at a 2.8% annual rate in the fourth quarter, slower than previously calculated and less than forecast as state and local governments made deeper cuts in spending. The revised increase in gross domestic product compares with a 3.2% estimate issued last month and a 2.6% gain in the third quarter, figures from the Commerce Department showed. The economy, excluding inventories, grew at a 6.7% pace, the most since 1998. (Bloomberg)
US: Consumer sentiment climbs to three-year high
Confidence among US consumers increased in February to the highest level in three years as a drop in unemployment helped overcome concern over rising food and fuel costs. The Thomson Reuters/University of Michigan final index of sentiment climbed to 77.5, exceeding the median forecast of 74.2 in January, a report showed. The Commerce Department said the economy grew less than previously estimated in the fourth quarter as state and local governments cut back on spending. (Bloomberg)
US: Payrolls probably accelerated in February
Payroll gains in the US probably accelerated in February, buoyed by more seasonable temperatures and a pickup in manufacturing, economists said before reports this week. Employment increased by 190,000 workers this month, the most since May 2010, after a 36,000 gain in January, when winter storms depressed the count, according to the median forecast of 59 economists surveyed ahead of Labor Department data on 4 March. The report may also show the jobless rate increased to 9.1% from 9%. (Bloomberg)
U.K: February consumer confidence stayed close to the lowest since March 2009, a report by GfK NOP Ltd. showed. The index of sentiment rose to minus 28 from minus 29 January, when it plunged the most since 1994. Gauges of consumers perception of the economy in the past 12 months and over the next year both declined. (Source: Bloomberg)
U.K: Economy shrank more than initially estimated in 4Q10. GDP fell 0.6% QoQ from the previous three months, compared with an initial estimate for a 0.5% QoQ drop, the Office for National Statistics said in London. The statistics office said its "best estimate" for the impact of cold weather on the data remains 0.5% QoQ. The slump was led by construction and investment. (Source: Bloomberg)
S. Korea: Current account surplus narrowed to an 11-month low in January as imports surged amid an economic recovery and rising energy demand. The surplus was USD 229m, compared with USD 2.11b in December. The current account is the broadest measure of trade, tracking goods, services and investment income. (Source: Bloomberg)
Japan: January consumer price drop eases as oil, food costs gain. Consumer prices excluding fresh food declined 0.2% YoY. Price drops eased for a fourth consecutive month. (Source: Bloomberg)
Singapore: Industrial production growth unexpectedly accelerated in January as electronics manufacturers increased output, offsetting a decline in pharmaceuticals. Manufacturing, which accounts for about a quarter of the economy, climbed 10.5% YoY in January after a 9% YoY increase in December, the Economic Development Board said in a statement. (Source: Bloomberg)
Vietnam: Trade deficit widened in February from the previous month even as the government strives to curb the gap with a weaker currency that may boost inflation. The deficit totaled USD 950m, up from a revised USD 877m in January, according to preliminary figures released. The deficit for the first two months of the year is USD 1.83b, the report said. (Source: Bloomberg)
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