Gross domestic product figures obtained from across the 4 corners of the earth continue to highlight the ongoing contraction in the global economy as international trade continues to shrink. Third quarter GDP figures obtained from Switzerland showed the economy flat at 0.00% growth with annualized GDP declining to 0.80% compared to the second quarters 0.90% value. Despite efforts by the Swiss National Bank to keep the Franc competitive, the global outlook continues to weigh on progress. Declines also occurred in Brazil, with the year over year GDP slump accelerating to a -4.50% contraction from -2.60% recorded in the prior period. Further north, Canadian GDP declined -0.50% compared to the previous month’s 0.10% expansion as the mining, gas and oil sectors fell further. Meanwhile, Australia’s GDP managed to beat expectations for both the quarterly and annualized values, increasing at a pace of 0.90% and 2.50% respectively.
US Factory Contraction
Daily Analysis - 02/12/2015