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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD upgraded its global growth outlook for 2021
The OECD, in its Interim economic outlook, forecasted that global economy will expand by 5.6% in 2021 and by 4.0% next year, citing progress in the Covid-19 vaccine rollouts and as the US launched a new stimulus package. Additionally, Euro-zone’s economy was also upgraded to 3.9% from 3.6%. Further, the OECD raised the US growth projection to 6.5% from 3.2% seen in December and expects Britain’s economy to expand 5.1% in 2021 from 4.2%.
Euro-zone GDP dropped more than expected in 4Q 2020
In the Euro-zone, the seasonally adjusted final gross domestic product (GDP) recorded a drop of 0.70% on a QoQ basis in 4Q 2020, compared to a revised rise of 12.40% in the prior quarter. Market expectations were for GDP to fall 0.60%.
German current account surplus narrowed in January
In Germany, the non-seasonally adjusted current account surplus narrowed to €16.90 billion in January, compared to a revised surplus of €25.90 billion in the previous month.
German trade surplus widened in January
In Germany, seasonally adjusted trade surplus widened to €22.20 billion in January, compared to a revised surplus of €16.40 billion in the prior month.
US small business optimism index rose in February
In the US, the small business optimism index advanced to a level of 95.80 in February, compared to a reading of 95.00 in the prior month.
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