German Sentiment Improves, EU27 Auto Sales Fall 8.9%

Arthi Gupta
18 Sep, 2012
New York City

Germans economic sentiment improved in September and the Swiss economy is forecasted to expand 1% this year. Greek current account swung to a surplus in July and Portuguese producer price inflation climbed in August.

[R]2:00 PM Frankfurt – Germans economic sentiment improved in September and the Swiss economy is forecasted to expand 1% this year. Greek current account swung to a surplus in July and Portuguese producer price inflation climbed in August.[/R]

German Sentiment Strengthens

Germany''s economic sentiment improved in September, the Mannheim-based ZEW said today.

The ZEW Indicator of Economic Sentiment for Germany increased 7.3 points in September to minus 18.2 points. This is the indicator’s first increase after four declines in a row.

The assessment of the current economic situation weakened in September compared to the previous month. The respective indicator has dropped 5.6 points to 12.6 in September.

Swiss Economic Outlook Lowered

The Swiss economy is forecasted to expand 1% this year, down from the previous estimate of 1.4%, according to a report released by the State Secretariat for Economic Affairs.

For 2013, the economy is forecasted to grow 1.4% from the previous projection of 1.5%.

However, the group does not foresee a marked recession in Switzerland thanks to the robust domestic economy and the floor currency exchange rate.

European New Car Registrations Fall

New passenger car registrations in the EU 27 nations excluding Malta fell 8.9% annually in August, following a 7.8% fall in July, data released by the European Automobile Manufacturers'' Association showed today.

Sales in Germany contracted 4.7% in August.

Greek Current Account Swings to Surplus

Greece''s current account balance swung to a surplus of €642 million in July compared with a €880 million deficit in July 2011, data released by the Bank of Greece showed.

The deficit in the goods trade account narrowed to €1.73 billion in July from €2.56 billion a year earlier. The services account showed a surplus of €2.6 billion in July compared to a surplus of €2.54 billion last year.

In the January to July period, the current account deficit contracted by €7.4 billion or 53.3% annually to €6.5 billion.

Portuguese Output Price Inflation Climbs

Portugal''s producer price inflation rose in August, data released by Statistics Portugal showed.

The producer price index increased 4% on an annual basis in August, from the 3% gain in July.

Output prices in the consumer goods industry grew 0.9% from a year earlier, while prices of energy products climbed 11% in August.

On a monthly basis, output prices rose 0.9% in August, after rising 0.5% in July, data showed.