Key highlights of the week ended May 13

Note: This section contains information in English only.
Source: Dukascopy Bank SA
UK
The Bank of England warned Britain's economy would slow sharply, and could even slide into recession, if Britons voted to leave the European Union. The central bank added the Pound could decline sharply, while unemployment would probably climb. Consumers could delay spending and companies may postpone investment decisions. BoE Governor Carney said there were limits to what the BoE could do in response to an "Out" vote. Opinion polls show British voters have been relatively resistant so far to warnings about the economic costs of Brexit, with voting intentions in many polls roughly evenly split. 

Euro zone
The Euro zone industrial production declined sharply for the second month in a row in March, suggesting that the currency bloc's economic recovery is likely to remain modest despite a stronger start to the year. According to Eurostat, industrial output dropped 0.8% from February, and was just 0.2% higher than in March 2015.  The fall was more than the 0.2% drop expected in markets and raises the possibility that the estimate for first-quarter GDP growth will be trimmed in a revision due later today. The Euro zone economy picked up steam in the first three months of the year, growing twice as rapidly as it did in the final quarter of 2015. Economists said the poor showing over the past couple of months is further evidence that the Euro zone is facing a softer economic outlook due to a number of factors, including uncertainty over the state of the global economic recovery, stemming in particular from the slowdown in China. 

New Zealand
The Reserve Bank of New Zealand said the risks to New Zealand's financial system have intensified in the past six months. Its latest Financial Stability Report marked slowing global growth, low dairy prices and rising house prices as risks. RBNZ Governor Graeme Wheeler says the outlook for the global economy has "deteriorated" in recent months. Lower interest rates and low oil prices have not been enough to counter a slowdown in the economies of a number of New Zealand's trading partners. 

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Actual Topics

Mon, 16 May 2016 06:45:03 GMT

Eurozone GDP shows good economic health, despite downward revision

Quarterly GDP growth showed a positive trend in the Euro area, rising above previous quarter levels even after a downward revision.

Fri, 13 May 2016 07:10:11 GMT

New Zealand retail sales growth slows in Q1

New Zealand first-quarter retail sales volumes rose at the slowest pace for three quarters, against economist expectations.

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