National Economic News
India Industrial Output Growth Tops Expectations
India’s industrial production growth accelerated more than expected in May underpinned by strong improvement in electricity and manufacturing. Industrial production expanded 4.7% in May from last year, faster than the 3.4% increase seen in April, the Central Statistics Office reported. Economists had forecast the annual increase to rise moderately to 3.6%. Within overall production, manufacturing output grew 4.8% and electricity climbed 6.3%.
Mining output grew only 2.7%.
World Economic News
Singapore GDP Slows To 2.1% In Q2
Singapore’s GDP expanded 2.1% in the second quarter of 2014. That missed forecasts for an increase of 3.5% following the downwardly revised 4.7% gain the previous three months. Seasonally adjusted and on an annualized quarterly basis, GDP contracted 0.8% well shy of expectations for an increase of 3.0% and down from the downwardly revised 1.6% gain in Q1.
S&P Affirms Germany’s Rating; Raises Ukraine’s Outlook
Standard & Poor’s affirmed the sovereign ratings on Germany and raised the outlook on Ukraine to ‘stable’. Germany’s coveted ‘AAA’ rating was affirmed with ‘stable’ outlook. S&P said the Germany economy has demonstrated its ability to absorb large economic and financial shocks. The rating agency also affirmed the ‘CCC’ long-term foreign currency sovereign credit ratings on Ukraine and upgraded the outlook to ‘stable’ from ‘negative’.