Word: gdp
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...easy terms for borrowing against those gains--has kept the economy from falling hard. Typically, housing-related activity accounts for $1.40 of every $10 spent in the U.S. But last year housing accounted for about $2 of every $10 spent and for more than half the nation's GDP growth, says David Lereah, chief economist at the National Association of Realtors...
Then there is Portugal. The center-right government of Prime Minister José Manuel Durào Barroso, which took office in March, said a new audit determined that instead of a 2001 budget deficit equivalent to 2.6% of gdp, the shortfall came in at a whopping 4.1%. Stability and Growth Pact rules hold that any euro-zone country with a deficit above 3% of gdp could face big financial penalties. Obviously, the idea that the E.U.'s poorest country could be fined - on top of huge spending cutbacks the government must make - has not gone down well among Portugal...
...Dublin's Economic and Social Research Institute, notes that the troubles of multinationals like Elan "haven't been that destabilizing because there isn't a huge public exposure to the stock market," and because Ireland remains a destination for firms eager to service the European market. Ireland's GDP grew 6.8% last year, and though it is expected to slow to 3.6% this year, prospects look better for 2003. Even more importantly, Ireland still has near-total employment, with joblessness at a historically low 4.4%. Price inflation, which averaged 4.9% last year, is always a concern...
...Mahathir's reform drive has coincided with economic revival. After several years of stagnation, Malaysia's GDP will grow at a healthy 6% in 2002, economists project. The country's trade surplus is swelling and international bond rating agencies have been bumping up Malaysia's grades. More important, foreign investors are actually putting their money?so long withheld?back into the country. A recent bond issue by Malaysia's national oil giant Petronas was heavily subscribed. The Kuala Lumpur stock market?shunned by international investors after Mahathir temporarily imposed strict controls on the movement of money out of Malaysia...
...these cutbacks affect one employer, but all of the company's suppliers would be hit similarly. What's more, investment is not flowing to Europe because of its strengthening economy - growth was up an anemic .2% in the first quarter of the year, after one quarter in 2001 when GDP actually declined. The strongest part of the German economy is exports, which increased a sharp 1.9% in the first quarter compared with the last quarter of 2001. If exports are driving the European economy, a higher euro could spoil the party by making European prices more expensive relative...