Singapore’s economy grew by 15.5 percent in the first quarter over the same period of 2009 due to growing activity in the factory, financial and tourism sector in the country. The increase in gross domestic product (GDP) was greater than expected and surpassed the estimates of the Ministry of Commerce and Industry of Singapore, cited by AP. Exports contribute most to impressive GDP growth of 38.6 percent in the first quarter of this year, according to an annual equivalent basis data. This appears to be the strongest pace of GDP growth since statistics began to be kept in 1975. Factory sector, which generates a quarter of Singapore’s economy, reported growth of 32.9 percent on an annual basis, the services sector grew by 10.9 per cent and construction sector – by 13.7 per cent. The government expects the Singapore economy of the country surged by 9 percent this year, a exports to increase by between 15% and 17% yoy. Central Bank of Singapore announced in April that will allow the currency to appreciate, and thus join Malaysia in the withdrawal of its cash incentives for the economy.
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The Gross domestic product (GDP) in Russia increased by 4.5 percent in the first quarter on an annual basis, announced on Wednesday the Russian Ministry of Economic Development, said yesterday. Only in March the economy grew by 4.9 per cent compared to same month of 2009. “In March visible recovery of activity after the break in February, said in a statement the ministry. In the second month of the year, GDP growth slowed to 3.9 percent in annual growth to 5.2 percent in January. In 2009 the Russian economy contracted by 7.9 per cent, after noting an increase of 5.6 percent for 2008. The country was hit hard by economic crisis and in particular the fall in oil prices, as exports of energy products accounted for approximately 60% of total exports. The gradual recovery of markets and price levels of oil and gas, however, managed to stabilize the economy. Recently, Russian Prime Minister Vladimir Putin stressed that Russia has gone out of recession, although this does not mean that the crisis ended.
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The Russian economy, which ranks 11th largest site in the world, has contracted by 7.9 percent in 2009, cited by Bloomberg. This is the biggest drop in gross domestic product (GDP) of Russia within one year of the Soviet Union in 1991. In the last quarter of 2009, however, visible signs of mitigating the economic downturn of the country. Negative GDP growth for the fourth quarter amounted to 3.8% which is much smaller than the decline of his previous two quarters. That contributes to increased exports of raw materials and the price of oil, gas and metals. The price of Ural oil doubled at the end of last year compared with their levels of 32 dollars per barrel in December 2008 sales of oil and natural gas are the source of about 25% of GDP. Russia’s GDP shrank by 7.7 percent in the third quarter and a record 10.8 percent in the second. Increased demand for raw materials worldwide and the depletion of inventories, however, led many extractive companies in the country to increase production at the end of last year. Net exports of Russia, which represents the difference between the value of exports and imports increased by 61 percent in the fourth quarter after rising by 108% in the third. However, consumer spending remains weak point of the Russian economy, declined by 9.4 percent in the fourth quarter. Limited investment costs of Russian companies and high unemployment also threaten the economic recovery of the country.
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Last year Japan remained the second-highest in the world economy. Leader continues to be the United States. Despite the recession, which plunged the country, it is slightly ahead of China, according to statistics released today by the government, which relies agency Reuters. Gross domestic product (GDP) of Japan in 2009 amounted to 474 924 billion yen in par value or $ 5075 billion. The Japanese economy recorded Gross domestic product growth of three consecutive quarters, the growth in September – December 2009 due to increase by 5% export growth of 0.7 percent of consumption and 1% increase in investment in equipment. According to data published in January, China’s GDP for 2009 was 33 500 billion yuan, or $ 4 900 billion so Japan 40 years has managed to hold China to push it ahead.
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The French central bank predicted that France’s economic growth will be 0.5 percent in the first quarter of 2010. According to estimates by the National Statistics Institute (Insee) reconstruction of the country’s economy will strengthen in early 2010 but will be difficult and the increase in gross domestic product will be in the range of 0.3 – 0,4 per cent per quarter to mid-year, BTA reported, citing information to Agency France-Press. Recently the government to revise its forecast for growth this year for economic growth of 0,75 to 1.4%. National Institute of Statistics will publish on Friday its initial data on the economic growth of France in the last quarter of 2009.
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The Bank of America-Merrill Lynch increased its forecast growth in gross domestic product (GDP) of Russia for 2010 from 3.9% to 5%, says the analysis, quoted by RIA Novosti. The increase in the estimate is based largely on expectations of increases in 2010/11, the average prices of Brent crude oil to 85 dollars per barrel in the previous forecasts for $ 75 a barrel. “The rise in oil prices by an average of 10% leads to accelerate the growth of Russia’s GDP by 1 percentage point,” said analysts from Merrill Lynch. They estimated that an additional 10 dollars a barrel to the price of oil will bring to Russia 26 billion dollars more revenue, which will affect positively the balance of payments. Thus, the positive trade balance of the country in 2010 amounted to 4,1% of GDP (compared with a previous forecast of 2.6 percent). According to the latest Merrill Lynch forecasts the budget deficit to Russia next year will be 4.3 percent (compared with a previous forecast of 5%). The bank commented that the accumulated funds in the so-called. Reserve and home loans will be sufficient to cover the budget deficit, but in 2011 Russia will probably have to borrow funds from outside. Consumer demand in Russia is still a low level, but this situation is normal for this stage of the economic crisis, says an analysis of the bank. From Merrill Lynch provide unemployment in Russia soon begin to decline, while there is growth in real incomes of the working population by 2%, and pensions – by 40%. Specified by the financial institution that wage growth in the private sector is questionable, but because of relatively low inflation (an average of 8% last year) and employees in private companies will have to rely on, albeit insignificant, increase their income.
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Today’s session brought increases in most stock indexes of the Old Continent, having good data on the labor market and sales of new homes rose in the U.S. economic optimism of investors. Pan-European index Dow Jones Stoxx 600, which monitors the securities markets in 18 European countries, added 0.5 percent to end the session at a level of 248.09 points. Stock measure has increased by 57 percent since the beginning of March. The revised data today showed that Britain remains in recession. Gross domestic product declined by 0.3 percent in the third quarter, however, was less than originally announced, a decline of 0.4 percent. The British FTSE 100 index ended the session with an increase of 0.8 percent to 5364.8 points. This helped most extractive and energy companies due to appreciation of the metals and oil, as well as those in the health sector. National benchmarks rose in 13 of all 18 stock exchanges, which are represented in the Dow Jones Stoxx 600. The main index of the Frankfurt DAX added 0.6 percent to 5803 points, despite disappointing news that consumer confidence index in Germany GFK institute fell unexpectedly for the third month in November. Bundesbank predicted today that Germany banks may write off the assets for another 90 billion euros because of problem loans and investments in securities. This will reduce their profits even after the economy starts to recover.
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