Friday, 19 December 2008

Gain shall take the place of loss ( part 3)

      Interesting facts about the gathering recession gleaned from yesterday's papers

      Japanese exports fell 26.7% in November 2008 compared with the same period in 2007. Exports to the US fell 33.8%, the biggest contraction on record.

      In trade weighted terms the Euro hit its highest level ever last week

      The Centre for Economics is now forecasting a 3% decline in British GDP next year and 0.7% in 2010.

      15 British High Street retailers are expected to go into bankruptcy before the end of January. Sales in the pre-Christmas week were down between 10% and 30% from year ago levels.

      700,000 transactions are expected in the British housing market in 2009. In 2007 the number was 1,600,000. The value of mortgage lending in November 2008 was £14.6 bn down 51% from the same month a year earlier.

      An adviser to the Chinese government said 6.7 m jobs were lost this year due to the collapse in exports..

      Italy is considering raising the retirement age for women to 65

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