Outlook in Germany Lowered; Swiss Exports Jumps 9.5%

Arthi Gupta
22 Nov, 2011
New York City

German leading index fell in September. The unemployment rate of Sweden and Finland decreased in October and Norway''s gross domestic product expanded in the third quarter. Denmark''s consumer confidence deteriorated in November.

[R]2:00 PM Frankfurt – German leading index fell in September. The unemployment rate of Sweden and Finland decreased in October and Norway''s gross domestic product expanded in the third quarter. Denmark''s consumer confidence deteriorated in November.[/R]

Bundesbank Lowers 2012 Growth Outlook

The Bundesbank on Monday slashed the 2012 economic growth outlook for Germany, citing weakening prospects for exports as the debt crisis widens in the euro zone.

The central bank lowered the growth estimate between 0.5% and 1.0% next year, slower than the previous estimate of 1.8%.

German Leading Index Drops

Germany''s leading economic index decreased to 105.1 in September from 106.6 in August, data from a survey by the Conference Board showed Tuesday. The indicator declined for the fourth consecutive month in September.

The coincident economic index , which measures the current economic situation, declined to 106.4 in September from 106.5 in August, marking the second consecutive monthly fall.

Swedish Jobless Rate Falls

Sweden''s unemployment rate decreased to 6.9% in October from 7.5% a year earlier, data released by Statistics Sweden showed. The number of jobless persons decreased 6.5% annually to around 345,000 in October.

The jobless rate of youth aged between 15 and 24, decreased to 21.1% in October from 22.9% in September.

Finnish Jobless Rate Slides

Finland''s unemployment rate dropped to 7% in October from 7.4% in the month a year ago according to the data released by Statistics Finland today. Unemployment among youth aged between 15 and 24 was 17.1% in October.

The number of unemployed persons decreased 4.6% on an annual basis to 186,000 in October.

Norway''s GDP Expands

Norway''s gross domestic product expanded 0.8% in the third quarter, but declined from the 1.3% expansion in the second quarter, Statistics Norway said.

Production of goods, and in particular the production of electricity, contributed strongly to the increase.

Danish Sentiment Deteriorates

Denmark''s consumer confidence index deteriorated to -9.2 in November from -6.6 in October, data released by Statistics Denmark showed on Tuesday.

The measure of consumers'' expectations for their household finances in the next 12 months dropped to 1.8 in November from 7 in October.

Swiss Surplus Flat

Switzerland''s trade surplus was Sfr2.2 billion in October, unchanged compared to September, data from the Federal Customs Administration showed.

Exports rose 9.5% from a year ago in October in real terms compared to the 9.9% growth in September. Imports increased 3.4% in October, following the 3.6% annual increase recorded in September.

Separately, the Federation of the Swiss Watch Industry said that monthly value of watch exports rose to a record level in October. The total of Sfr1.9 billion exceeded the October 2010 level by 18.6%.