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China’s economy continues to rebound on strong domestic demand

China’s industrial production growth accelerated to 10.1% (y/y) in November from 9.6% in October. China’s retail sales also accelerated to 14.9% (y/y) in November from 14.5 percent in October

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China’s industrial production growth accelerated to 10.1% (y/y) in November from 9.6% in October. China’s retail sales also accelerated to 14.9% (y/y) in November from 14.5 percent in October. Both industrial production and retail sales performance were the strongest in November since March.

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Inflation in China accelerated in November to 2% (y/y) from 1.7% in October reflecting an increase in specific food prices (vegetables) and a pick-up in economic activity.

The producer price index decline slowed to 2.2% (y/y) in November from 2.8% in October. China’s fixed asset investment grew by 20.7% in the first eleven months of 2012 compared with the same period last year. The real estate market notched up a strong month with the sales of new homes growing by 9.1% in the first 11 months of the year, jumping 3.5% percentage points from a month earlier.

China’s export growth accelerated on a monthly basis to 2.2% (m/m) in November compared to a 5.8% decline in October. Imports grew by 11.4% (m/m) in November. At the same time, on an annual basis, a 2.9% (y/y) export growth in November was slower than the 11.6% gain in October.

Imports remained unchanged compared to a 2.4% (y/y) growth rate in October. Turkey’s GDP growth slowed to an annualized 0.8% (q/q) pace in the third quarter. On an annual basis, Turkey’s GDP expanded by 1.6% (y/y) in the third quarter of 2012, compared to a 3% growth recorded in the second quarter. Meanwhile industrial production in November dropped by 5.7% (y/y) in October reversing a 6.2% growth registered in September.

On a monthly basis industrial production contracted by 2.6% (m/m) in October compared with a 3.9% growth in September. Russia’s central bank has kept its key refinancing rate unchanged at 8.25% on moderating inflation and weak economic activity, but raised its fixed-term deposit rate by 0.25 percentage points and simultaneously reduced the ruble swap rate by the same amount to narrow the interest rate band and reduce rate volatility.

Russia’s annual inflation was unchanged at 6.5% (y/y) in November from October exceeding the government’s original forecast of 6.1 percent in 2012 but within the Central Bank’s revised 6.5-6.7% 2012 inflation target. Read More

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