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Fundamental News Summary

Asian Session News Summary

Thu, Aug 27 2009, 04:07 GMT
by ecPulse.com analysis team

ecPulse.com

New Zealand trade balance deficit narrowed

New Zealand trade balance showed a narrowing deficit in July as it recorded a deficit of NZ$163 million compared with a prior revised deficit of NZ$332 million from NZ$417 million, while forecasts referred to NZ$150 million.

Exports recorded NZ$3.18 billion from a previous NZ$3.20 billion that was revised to NZ$3.23 billion, while forecasts referred to NZ$3.15 billion. As for imports, it recorded NZ$3.34 billion in July from a previous revised NZ$3.57 billion from NZ$3.62 billion, and it came more than forecasts that referred to NZ$3.30 billion.

Philippines economy expanded in 2Q

Philippines yearly gross domestic product grew 1.5% in the second quarter compared with a prior revised 0.6% from 0.4%, and the reading came better than forecasts that referred to 0.5%. Quarterly GDP expanded 2.4% in the second quarter from a prior -2.3% that was revised to -2.1%, while it was expected to grow 1.5%.

Philippines government expected economic expansion will accelerate in the second half of this year as the global slump eased and major economies reached the bottom, while the government stimulus package is helping the economy to show further improvements.

The IMF lowered its estimates for Pakistan economy

The International Monetary Fund said that the medium term economic outlook for Pakistan is fragile as the country is facing risks. The IMF added that economic indicators showed improvements recently, but still deteriorations are expected.

However, the IMF lowered its forecasts for economic expansion as it expected Pakistan to grow 3.0% in the 2009/2010 fiscal year compared with prior forecasts of an expansion by 4.0%, worth mentioning that the government's target for economic expansion this year is 3.3%.

Published on  Thu, Aug 27 2009, 05:06 GMT