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COUNTRY INSIGHTS

2014 Budget: More of the Same
MEXICO · Report · 27 Nov 2013

Executive Summary The Chamber of Deputies approved a final expenditure law for 2014 that contained few surprises or major changes from the original draft of the spending bill proposed by the administration of President Enrique Peña Nieto. The scant changes that were introduced were largely design...

Fumbling the Euro-Bluff
UKRAINE · Report · 26 Nov 2013

Executive Summary Just a few days after the anniversary of the Orange Revolution, on November 24th thousands of Ukrainians took the streets to protest the delay of the EU Association agreement.After long preparation for the Vilnius Summit, and widely-promoted Euro-integration prospects, the Cabin...

Manufacturing Woes Drag Recovery
SOUTH AFRICA · Report · 26 Nov 2013

Official figures released today by Statistics South Africa reveal that, after having increased by 3.2% (revised from 3.0%) during the second quarter of 2013 (Q2 2013), the inflation adjusted gross domestic product (GDP) advanced at a paltry pace of 0.7% in Q3 2013 (see Graph 1). The figures are o...

Manufacturing Woes Drag Recovery
SOUTH AFRICA · In Brief · 26 Nov 2013

The uninspiring 0.7 per cent quarter-on-quarter Q3 2013 GDP growth outcome comes on the back of a mediocre performance within the manufacturing sector. Since the beginning of 2013, the quarterly performance of the manufacturing sector has moved from pillar to post. On the whole, South African man...

Correa Bullish on the Economy
ECUADOR · Forecast · 26 Nov 2013

Executive Summary President Rafael Correa sounded very optimistic when he announced sharply higher projections for economic performance, not only for 2013, but for the next three years as well.The government expects GDP to grow 4.1% this year, then 4.5% in 2014, 4.7% in 2015 and 6.5% in 2016. Aut...

Political Insights: Week of November 25
BRAZIL POLITICS · Report · 25 Nov 2013

A very busy week in Brasília:The Federal Supreme Court rules on a case with potential impact for banks in the billions. The Copom holds its final meeting of the year to decide on interest rates.In the House, leaders try to build an agreement to vote on the Internet Framework Law.Petrobras may ann...

The Signals from the Labor Market
BRAZIL ECONOMICS · Report · 25 Nov 2013

Since the middle of 2012, the seasonally adjusted unemployment rate has been holding steady near historic minimum levels. However, this is not the result of hiring from a growing labor force flow, which if true would indicate progressive tightening of the job market. In reality what has been happ...

Growth Revival? Don’t Hold Your Breath
CHINA · Forecast · 25 Nov 2013

Executive Summary Though GDP rose 0.2 pp in Q3, to 7.8 y/y, the pick-up was mainly due to certain temporal factors. Q4 growth is likely to retreat to 7.7% in Q4, and next year. Investment expansion has been the main growth driver, and is increasing faster than last year. Infrastructure and urban ...

Is It New Revolution?
UKRAINE · In Brief · 24 Nov 2013

The exciting bluffing game of Viktor Yanukovicth was interrupted with social outburst which has been aggravating since the stoppage of Euro-integration process was announced.  On that day (November 21st) social nets exploded with comments of people who emotionally reacted to the change in Ukraine...

Weekly Tracker: November 24-30
TURKEY · Report · 24 Nov 2013

Executive SummaryErdogan launched a crusade on its erstwhile ally the Gulen Church, which could morph into the most important schism in Turkish politics of the last decade. Why is he doing that?Barzani’s visit to Diyarbakir generated new energy deals with Iraqi Kurdistan, but no progress on the P...

Elevated Inflation Risks Concern the SARB
SOUTH AFRICA · Report · 21 Nov 2013

The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) pointed out today that it expects the inflation rate to hang around 6% - the upper limit of the target range. These worries over persistent inflation come even though the headline inflation rate has recently made its way...

Elevated Inflation Risks Concern the SARB
SOUTH AFRICA · In Brief · 21 Nov 2013

In our opinion, the most important message to take from today’s MPC meeting is that currency volatility and weakness complicates the inflation outlook. Despite a recently adopted move to reduce exposure to the US dollar, the South African Reserve Bank (SARB) has generally not shown a keen interes...

Does Ukraine Stop EU Association Process?
UKRAINE · In Brief · 21 Nov 2013

 A strange document has been released by the Cabinet today. The prime-minister Mykola Azarov ordered the state bodies to stop preparation activities to EU Association agreement.  The regulation also suggested creation of three-side working group with representatives of EU and Russia for solving t...

President Santos Will Seek a 2nd Term
COLOMBIA · In Brief · 20 Nov 2013 · 2 responses

In a national TV broadcast, Juan Manuel Santos announced his intention to be reelected as Colombia's President next year.His reasons to run again: the need to continue fighting the war on poverty, improving security, increasing overall quality of life and achieving peace.He has yet to announce wh...

Some Thoughts on Today's CBT Meeting
TURKEY · In Brief · 20 Nov 2013

I have attended the CBT’s regular monthly meeting with economists today.  The key message is that the Bank is trying to simplify and normalize monetary policy.  First, they seem to have realised that, as far as inflation dynamics go, they have run out of excuses, with core and service inflation b...

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