Monday, December 24, 2007

Merry Xmas and A Happy New Year

Well, a Merry Xmas and a Happy New Year to all my readers. Thank you for taking the time and trouble to pass-by. This blog will now - failing major and surprising new developments in the global economy - be offline till the end of the first week in January, or till after the festival of Los Reyes Magos in Spain (for those of you who know what this is all about). Come to think of it, maybe this is just what our ever hopeful central bankers are in need of even as I write - some surprise presents from the three wise men - but I fear that this year if these worthy gentlemen do somehow show at the next G7 meet, the star in the east which draws them will not be the one described in the traditional texts, but in all likelihood the rising star of India.

Credit crunch, did someone use the expression credit crunch?

Thursday, December 20, 2007

Argentina October 2007 GDP

Argentina's economy expanded more than economists forecast in October, climbing at the fastest pace in five months, led by higher industrial output as consumption and exports rose. The country's economy grew 9.4 percent in October from a year earlier, the National Statistics Institute said today. South America's second-biggest economy expanded 0.3 percent from September.

The economy is heading to its fifth straight year of growth, helped by a strong currency devaluation following the economic crisis in 2002. The impact of the currency correction has strengthened industries, making local goods cheaper in international markets. A drop in unemployment levels to a 15- year low has helped boost consumer's purchasing power, increasing demand for goods.