New Zealand: Retail sales jump 1.3% on vehicle purchases
New Zealand’s retail sales rose last quarter by almost twice the pace economists predicted, as a record jump in motor vehicle purchases helped sustain the economy’s recovery from earthquakes in the past two years. Sales, adjusted for inflation, gained 1.3% in the three months through June from the first quarter, when they fell 0.6%, Statistics New Zealand said in Wellington today. The median estimate in a Bloomberg News survey of nine economists was for a 0.7% increase. (Bloomberg)
G20: Plans response to rising global food prices, FT reports
The G20 countries will try and co-ordinate a response to surging food prices after droughts wilted crops in the world’s top farm exporter, the Financial Times said, citing unidentified officials. Officials plan to hold a conference call in the week of 27 Aug to discuss a meeting which could be held in late September or early October, according to representatives familiar with the conversations. (Bloomberg)
Greece: Recession making bailout targets harder to meet
Greece’s economy contracted for a ninth straight quarter, making it harder for the government to meet the budget-reduction targets required under the country’s international bailouts. GDP declined 6.2% in the second quarter from the same period last year after dropping 6.5% in the first, the Athens-based Hellenic Statistical Authority said in an e-mailed statement yesterday. The median estimate of three economists in a Bloomberg News survey was for a contraction of 7%. The authority doesn’t publish seasonally adjusted data or quarter-on-quarter rates. (Bloomberg)
UK: Home-price index falls to lowest in a year as sales decline
A UK house-price index dropped to the lowest in a year as property transactions fell for a fourth month, the Royal Institution of Chartered Surveyors said. The price gauge fell to -24 from -22 in June, London-based RICS said in a report yesterday, citing a monthly poll of property surveyors. A reading below zero means more surveyors saw price drops than gains last month. Measures of newly agreed sales dropped to a four-year low. The property market is under pressure as banks curtailing access to finance and the continuing recession deter prospective buyers. The Bank of England started a program this month to boost the flow of credit as it continued its bond-purchase program aimed at sparking a recovery. (Bloomberg)
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