Missed this last week... Extremely strong industrial production out of eastern Europe...
A few points...
The Good
- It seems that everyone had been counting out Eastern Europe (including me)
- The European Union "should" allow lower GDP per capita countries (i.e. Eastern Europe) outpace higher GDP per capita countries simply by utilizing new technologies / open trade
The Bad
- The above chart shows the rebound off a large collapse, so it remains to be seen if this is a rebound or the start of a longer trend
- The above was before the Euro spiked up 15-20%, so we'll see if the drag of a stronger currency on exports impacts these countries
Source: Eurostat
Wow, what happened in Norway?
ReplyDeleteNot sure why...
ReplyDelete"With in the overall index, output of the oil and gas extraction sector recorded an annual fall of 18.9%, while electricity, gas and steam supply slipped 15.9%. Separately, the statistical office said the turnover in Norwegian manufacturing dropped 3.7% on a monthly basis in August and fell 1.4% over a year ago. The total turnover in manufacturing was almost unchanged in the June to August period compared to the previous three-month period."