Euro Area Construction Gains; Switzerland Holds Rate at 0.25%

Arthi Gupta
17 Mar, 2011
New York City

Euro area construction output rebounded in January and German building permits rose in 2010. Swiss economic growth outlook revised up for the current year. Unemployment rate in Greece soared to 14.2% at the end of last quarter and the rate jumped to 18% among women.

[R]2:00 PM Frankfurt – Euro area construction output rebounded in January and German building permits rose in 2010. Swiss economic growth outlook revised up for the current year. Unemployment rate in Greece soared to 14.2% at the end of last quarter and the rate jumped to 18% among women.[/R]

Euro Area Construction Output Increases

Euro-zone''s seasonally adjusted construction output increased 1.8% on a monthly basis in January, after a 2% fall in December, Eurostat said today.

In the European Union member states, production dropped 1.2% annually and increased 1% on a monthly basis in January.

German Building Permits, Factory Employment Improve

The number of constructions approved in Germany grew 5.5% to 187,700 dwellings last year, the Federal Statistics Office said. Of the approved buildings, 164,600 were residential constructions. This was 6.8% higher than in 2009.

The number of people working in Germany''s local manufacturing units rose 1.5% annually in January, the Federal Statistics Office reported on Thursday.

At the end of the month, nearly 5 million people worked in the units, 73,200 more than a year earlier.

The sharpest increase in employment was recorded in the industry manufacturing rubber and plastic products.

Swiss Growth Outlook Revised Up, Production Rebounds

Switzerland''s State Secretariat for Economic Affairs on Thursday revised up its economic growth outlook for 2011 to 2.1% from 1.5% predicted in December.

The government estimates the unemployment rate to be at 3.2% this year compared to 3.4% forecast in December and inflation forecast for this year was revised up to 1% from 0.7% and that for 2012 lifted to 0.9% from 0.8%.

Swiss industrial production grew 6.1% on an annual basis in the fourth quarter, reversing a 1.2% fall in the third quarter, the Federal Statistics Office said.

SNB Holds Key Rate

The Swiss National Bank on Thursday left its key interest rate, the three-month Libor, unchanged at 0.25%, citing continuing debt problems in Europe and the possible dampening effects of high oil prices on economic activity.

Finnish PPI Eases

Finland''s producer price index increased 7% annually in February slower than 7.2% in January, data released by Statistics Finland showed on Thursday. The latest increase in prices was caused by higher prices of metals, oil products and pulp, the agency said.

On a monthly basis, producer prices grew 0.9% in February faster than 0.6% recorded in January. The monthly rate accelerated for the second month in a row. The rise was mainly caused by increases in the prices of production and distribution of heat and oil products, the agency said.

Hungary Industrial Production Rises

Hungary''s industrial production index rose a working-day adjusted 10.7% annually in January, following a 5.9% growth in December, final data from the Central Statistics Office showed on Thursday.

Sweden Jobless Rate Falls

Swedish jobless rate fell by 1.2 percentage points on an annual basis to 7.9% in February, Statistics Sweden said. This was also below the 8.2% recorded in January, data showed.

During the month, the number of unemployed decreased by 55,000 from last year to 392,000.

Dutch Jobless Rate Static

Dutch seasonally adjusted jobless rate remained unchanged at 5.1% for a second straight month in February, Statistics Netherlands said on Thursday.

During the month, the number of unemployed was 400,000, almost steady compared to 398,000 in January.

Greek Jobless Rate Rises

Greek jobless rate climbed to 14.2% in the fourth quarter of 2010 from 12.4% in the third quarter, the Hellenic Statistics Authority said. It was also up from 10.3% recorded in the fourth quarter of 2009.

The unemployment rate among women was 17.9% higher than male unemployment rate of 11.5%.