No further deterioration economic situation

The economic situation at the end of November had remained fairly stable relative to the end of November. Within the Business Cycle Tracer, a number of shifts were recorded. The net result of these changes was that all improvements and downswings balanced each other out. The heart of the scatter in the Business Cycle Tracer is located in the recession stage. Fourteen of the fifteen indicators are currently below the level of their long-term average.

Economic growth declined further. The volume of the gross domestic product (GDP) was 1.1 percent higher in the third quarter of 2011 than in the same quarter last year. In the second quarter the economy still grew by 1.6 percent. Taking calendar and seasonal effects into account, the economy contracted by 0.2 percent in the third quarter compared to the preceding quarter, after growing continuously for the past two years.

Consumer confidence deteriorated further in December. The mood among manufacturers, on the other hand, improved.

Manufacturing output was 1 percent higher in October than twelve months previously. The volume of goods exports decreased by nearly 2 percent. The volume of private sector investments grew by more than 2 percent. Household consumption was 1.4 percent down on October 2010.

The inflation rate remained stable at 2.6 percent in November, the same as in October. The capital market interest rate was also stable, at 2.5 percent, relative to the preceding month. Manufacturing prices were 8 percent up on November 2010. The price increase was also the same as in October.

Seasonally adjusted unemployment did not change in November. In the third quarter, fewer hours were worked in temp jobs than in the second quarter. There were also slightly fewer jobs and job vacancies.

Gross domestic product (GDP)

More figures can be found in dossier Business cycle.