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Economy in Brief
U.S. FHFA House Price Index Rose Further in November
The FHFA House Price Index increased 1.0% m/m in November...
U.S. Energy Prices Are Mixed
The price of regular gasoline rose to $2.39 per gallon (-4.5% y/y) in the week ended January 25...
U.K. Retail Survey Shows Extreme Weakness
The CBI U.K. retail volume survey shows dramatically weakened data for January and for the February outlook...
Texas Manufacturing Activity Weakens Further During January
The Dallas Fed reported that its Texas Manufacturing Outlook Survey General Business Activity Index fell to 7.0 during January...
Chicago Fed National Activity Index Improves During December
The Federal Reserve Bank of Chicago's National Activity Index increased to 0.52 during December...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Louise Curley June 09, 2009
A diverse group of European countries--Czech Republic, Cyprus,
Estonia, Finland, Malta and Portugal--reported their first quarter GDPs
today. Cyprus, the second smallest country in terms of population in
the Euro Area, was one of those rare countries to report an increase in
GDP of 1.2% in the first quarter of 2009 over the first quarter of
2008. Malta, the smallest country in the Euro Area, in terms of
population, reported a year to year decline of 3.4%. Estonia, another
relatively small country, in terms of population, reported a year to
year decline of 15.1% in the first quarter of this year after a 9.7%
year to year decline in the fourth quarter. Estonia is the last of the
Baltic's to report its first quarter GDP. Lithuania earlier reported a
13.6% year over year decline and Latvia, one of 18%. The first chart
shows the year to year changes in GDP for Cyprus, Malta and Estonia.
Among the mid sized countries--population wise-- reporting today, the Czech Republic reported a first quarter year to year declines in GDP of 3.4% after a 0.6% decline in the fourth quarter of last year. Portugal's year to year decline in the first quarter of 3.7% followed a 2.0% decline in the fourth quarter of last year. Finland's year to year decline at 7.5% was more than twice those of the Czech Republic and Portugal. The second chart shows the year to year changes in GDP for the Czech Republic, Finland and Portugal.
Y/Y Change in GDP | Q1 09 | Q4 08 | Q3 08 | Q2 08 | Q1 08 | Population (000) |
---|---|---|---|---|---|---|
Czech Republic | -3.35 | -0.59 | 4.12 | 4.91 | 3.51 | 10,475 |
Finland | -7.52 | -2.41 | 1.54 | 2.46 | 2.37 | 5,245 |
Portugal | -3.70 | -2.01 | 0.30 | 0.69 | 0.85 | 10,632 |
Cyprus | 1.16 | 2.78 | 3.45 | 3.85 | 4.26 | 793 |
Estonia | -15.07 | -9.69 | -3.54 | -1.11 | 0.19 | 1,307 |
Malta | -3.35 | -0.28 | 3.10 | 4.15 | 3.41 | 404 |