Growth pace in eurozone gets firmer but China seen slowing
Print Edition
GROWTH momentum is strengthening in the eurozone, OECD data released yesterday showed, while China’s economic growth is slowing.
“In Italy and France, the signs of a positive change in momentum, which were assessed as tentative in March, have now been confirmed,” the OECD said in a statement.
The OECD’s composite leading indicators (CLIs), designed to anticipate turning points in economic activity, also showed a positive change in momentum for Germany.
The figures will come as a relief to the European Central Bank, which recently launched a 1.1-trillion-euro (US$1.2 trillion) bond buying program to boost growth and ward off deflation.
Of particular concern have been France and Italy, the eurozone’s second and third-largest economies, which have been stagnating.
In Italy, which saw its economy contract 0.3 percent last year, the government is forecasting 0.7 percent growth this year.
France’s government is projecting 1 percent growth this year, after a meager 0.4 percent expansion in 2014.
The Paris-based Organization for Economic Cooperation and Development, which provides economic analysis and advice to its 34 industrialized country members, said the growth outlook was stable in the OECD area as a whole as well as for the US, Britain and Japan.
Meanwhile, “CLIs signal growth easing in China and Canada, albeit from relatively high levels,” the OECD said.
China, not an OECD member, has been a major source of global growth, but the world’s second-largest economy has been experiencing a broad slowdown in recent years.
Purchasing manager surveys have recently shown Chinese manufacturing steady, while official data released earlier this month showed output, retail and investment growth have all fallen to multi-year lows.
China’s economy grew 7.4 percent last year, the worst result since 1990, and earlier this month leaders cut this year’s target to around 7 percent.
The CLIs point to slowing growth momentum in Brazil and Russia, and firming growth in India.
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