This report provides a summary of global real estate market trends in the second quarter of 2013. The key points are:
1) Real home prices strengthened year-over-year in most countries surveyed, led by gains in the US and UK as monetary policy easing supports demand.
2) Canadian housing activity remains buoyant due to low interest rates, but fundamentals are becoming less favorable as job growth slows. Condo overbuilding is a concern in major cities like Toronto.
3) Several European markets like the UK are showing signs of recovery, while conditions remain weak in southern Europe with high unemployment in countries like Spain and Ireland.
4) Asian property markets are mixed, with strong growth continuing
Gold performed well in 2020, rising over 24% for the year. In 2021, gold may enter a sideways trend as the economy normalizes after the pandemic, making economic policy less aggressive. However, easy monetary and fiscal policies, low real interest rates, and a weakening US dollar will continue to support gold prices. Unless there is a spike in inflation or debt crisis, gold is unlikely to see huge gains but also faces limited downside due to ongoing central bank accommodation preventing a bear market. Overall, 2021 may be a stable year for gold after the strong gains and volatility of 2020.
- Growth in 2022 will moderate from 2021 levels as central banks and governments begin removing stimulus measures, but the economic recovery is still expected to continue with firm demand.
- Household balance sheets have significantly improved, increasing savings and wealth, which will support continued strong consumer spending. Government infrastructure spending plans will also support growth.
- Supply challenges are a greater concern than demand, as supply chains remain disrupted and key production hubs like China maintain COVID restrictions, which could keep inflation elevated for longer.
- Tight labor markets may also put upward pressure on wages, supporting consumer spending but challenging the view that inflation will remain low. Central banks are expected to withdraw stimulus gradually and are unlikely to aggressively raise rates in 2022
Financial Wealth Management benefits a basic knowledge of the current economic climate. Download this free report on the state of the economy, government, and how they affect YOU.
Domestic and international stock markets declined throughout the week due to concerns about declining commodity prices, global economic growth, and less dovish comments from the Federal Reserve. The minutes from the Fed's July meeting indicated that while the labor market had improved, the conditions for raising rates had not been met. Investors viewed this as mixed signals for a potential rate hike in September. Commodity prices fell sharply, with crude oil declining to six-year lows on higher than expected inventories. Global growth concerns were exacerbated by declines in Chinese markets and weak European data.
Qnb group recent data releases on the us economy have been mixedQNB Group
The document summarizes recent economic data and developments in the US economy. While some recent data releases have been disappointing, showing a contraction in GDP growth and a rise in unemployment claims, the author argues this soft patch could be temporary. Positive signs for the economy include growth in housing sales and starts, strong corporate investment, and easing of fiscal cliff concerns. However, risks remain from high debt levels in Europe and a potential slowdown in China. Overall the Federal Reserve left monetary policy unchanged at its last meeting based on this mixed picture.
2011 promises to be the year of commodities. Every global event in the last three
years has either been triggered by commodities or has, in a roundabout way, led to
increased influence of commodity prices on the macro-economic environment.
The recent events in Egypt are a case in point. Even in the ongoing currency wars,
commodity currencies like the Australian Dollar and Brazilian Real have shown genuine
muscle and there is nothing on the horizon to show that the trend is changing.
The document discusses how the U.S. economy will likely enter a recession in 2007 due to weakness in the housing market. It notes that the recent recovery was fueled by an unprecedented run-up in house prices, but prices are now declining which will negatively impact construction, home sales, and consumption. As home prices decline, homeowners will have less ability to borrow against their home equity to fund spending. The recession will result in slowing job growth and rising unemployment over the course of 2007. Key economic indicators like GDP, housing starts, and existing home sales are predicted to decline sharply in 2007.
The document discusses how the U.S. economy will likely fall into recession in 2007 due to weakness in the housing market. The housing boom, fueled by a speculative bubble, drove economic growth over the last several years but house prices are now declining. As home equity declines and adjustable rate mortgages reset higher, consumption will drop sharply as homeowners can no longer borrow against inflated home values. The housing sector, which accounts for over 6% of GDP, will likely contract by at least 40% as well. Together, plummeting housing investment and consumption will push the economy into recession in 2007, with job losses and slowing wage growth.
Gold performed well in 2020, rising over 24% for the year. In 2021, gold may enter a sideways trend as the economy normalizes after the pandemic, making economic policy less aggressive. However, easy monetary and fiscal policies, low real interest rates, and a weakening US dollar will continue to support gold prices. Unless there is a spike in inflation or debt crisis, gold is unlikely to see huge gains but also faces limited downside due to ongoing central bank accommodation preventing a bear market. Overall, 2021 may be a stable year for gold after the strong gains and volatility of 2020.
- Growth in 2022 will moderate from 2021 levels as central banks and governments begin removing stimulus measures, but the economic recovery is still expected to continue with firm demand.
- Household balance sheets have significantly improved, increasing savings and wealth, which will support continued strong consumer spending. Government infrastructure spending plans will also support growth.
- Supply challenges are a greater concern than demand, as supply chains remain disrupted and key production hubs like China maintain COVID restrictions, which could keep inflation elevated for longer.
- Tight labor markets may also put upward pressure on wages, supporting consumer spending but challenging the view that inflation will remain low. Central banks are expected to withdraw stimulus gradually and are unlikely to aggressively raise rates in 2022
Financial Wealth Management benefits a basic knowledge of the current economic climate. Download this free report on the state of the economy, government, and how they affect YOU.
Domestic and international stock markets declined throughout the week due to concerns about declining commodity prices, global economic growth, and less dovish comments from the Federal Reserve. The minutes from the Fed's July meeting indicated that while the labor market had improved, the conditions for raising rates had not been met. Investors viewed this as mixed signals for a potential rate hike in September. Commodity prices fell sharply, with crude oil declining to six-year lows on higher than expected inventories. Global growth concerns were exacerbated by declines in Chinese markets and weak European data.
Qnb group recent data releases on the us economy have been mixedQNB Group
The document summarizes recent economic data and developments in the US economy. While some recent data releases have been disappointing, showing a contraction in GDP growth and a rise in unemployment claims, the author argues this soft patch could be temporary. Positive signs for the economy include growth in housing sales and starts, strong corporate investment, and easing of fiscal cliff concerns. However, risks remain from high debt levels in Europe and a potential slowdown in China. Overall the Federal Reserve left monetary policy unchanged at its last meeting based on this mixed picture.
2011 promises to be the year of commodities. Every global event in the last three
years has either been triggered by commodities or has, in a roundabout way, led to
increased influence of commodity prices on the macro-economic environment.
The recent events in Egypt are a case in point. Even in the ongoing currency wars,
commodity currencies like the Australian Dollar and Brazilian Real have shown genuine
muscle and there is nothing on the horizon to show that the trend is changing.
The document discusses how the U.S. economy will likely enter a recession in 2007 due to weakness in the housing market. It notes that the recent recovery was fueled by an unprecedented run-up in house prices, but prices are now declining which will negatively impact construction, home sales, and consumption. As home prices decline, homeowners will have less ability to borrow against their home equity to fund spending. The recession will result in slowing job growth and rising unemployment over the course of 2007. Key economic indicators like GDP, housing starts, and existing home sales are predicted to decline sharply in 2007.
The document discusses how the U.S. economy will likely fall into recession in 2007 due to weakness in the housing market. The housing boom, fueled by a speculative bubble, drove economic growth over the last several years but house prices are now declining. As home equity declines and adjustable rate mortgages reset higher, consumption will drop sharply as homeowners can no longer borrow against inflated home values. The housing sector, which accounts for over 6% of GDP, will likely contract by at least 40% as well. Together, plummeting housing investment and consumption will push the economy into recession in 2007, with job losses and slowing wage growth.
Weekly Currency Round up- 23rd March 2018 moneycorpbank1
The pound had a good week. Warnings about the possible hacking of Britain's infrastructure by the Kremlin were ineffective at holding back the pound at the end of last week and there was a raft of positive stats and announcements to provide support.
Export Development Canada's Global Economic Outlook, Fall 2019Stephen Tapp
The document provides an executive summary and global economic outlook from EDC Economics for Fall 2019. Key points include:
- Global growth is slowing significantly, with calls of an impending global recession growing. Forward indicators showed weakness emerging over 6 months ago.
- While business investment and exports have weakened significantly, consumer spending has remained strong, driven by low unemployment. This is an unusual divergence from typical recession patterns.
- The main ongoing trade disputes, especially US-China, are disrupting global trade and causing uncertainty that is weighing on business investment. Resolution of these disputes will determine whether growth rebounds or a recession occurs.
- The global economic outlook forecasts a growth slowdown in 2019 followed by a pickup in 2020-2021
In July 2012, Latvia saw consumer price inflation of 1.7% year-over-year, below the 2% target for the second straight month. Fuel prices declined in July according to government statistics, though they rose in the second half of the month. It is difficult to estimate the impact of a recent VAT rate cut due to typical seasonal food and clothing price declines. Inflation expectations among consumers and retailers have diminished in recent months. Annual inflation is projected to remain below 2% in the coming months, with a possible rise in the fourth quarter, though the forecast may be revised down given recent price trends.
This is Western Union Business Solutions October edition of the global currency outlook, providing you and your business with invaluable market insight and visibility of key risk events.
The document provides a market outlook and forecast for 2013 by Timothy E. Burt, CFA.
The summary is:
1) Most global stock markets performed well in 2012, led by Germany and Japan, while the UK and Canada lagged.
2) The author believes the global economy will gradually improve in 2013, with stronger growth in the second half as issues in Europe and China are addressed.
3) The forecast is for US GDP growth of 3.0-3.5% and Canadian growth of 1.5-2.0% in 2013. US and Canadian stock markets are expected to rise 12-15% with the S&P 500 surpassing its 2007 high.
1) The global stock markets had a difficult year in 2011 with significant volatility and uncertainty driven by slowing economic growth and debt problems in Europe and the US.
2) Bond markets significantly outperformed stock markets as investors sought the perceived safety of bonds.
3) Commodity prices were also volatile, with gold and oil gaining for the year but base metals declining on slowing global demand.
U.S. economic growth is expected to remain steady in 2016, though risks remain. Global growth is slowing, which could impact the U.S. through trade and capital flows pushing up the dollar. Consumer spending and the labor market are improving, but weak productivity growth may limit income gains. Business investment is also expected to increase but risks remain from low oil prices. The Federal Reserve will continue raising rates gradually based on economic data. Residential investment is also expected to strengthen as household formations increase.
The Canadian economy grew modestly in August but gains have moderated from earlier in the year. Consumer confidence stabilized in October after declines. The US economy grew at an annualized rate of 2.0% in Q3, led by inventory, consumption, and government spending. Housing sales increased slightly but remain near lows. Growth continued in the Eurozone and UK but may slow, while Japan saw improvements in business and consumer spending. Canadian and US stock markets gained in October with technology and consumer sectors outperforming, while bond yields were stable.
The magnificent 7 and equity markets review 9Markets Beyond
Turmoil in the Arab world triggered a market correction that was overdue. We are still in a bull market and opportunities to re-enter will soon materialize.
Gold advanced overnight to open at 1332.50/1333.50. It retreated to a low of 1328.25/1329.25 as investors gauged the pace of economic recovery in the U.S. while Chinese data showed a decline in the rise of home prices for the first time in over a year.
Roberto Steiner - Colombia under the new global economic conditions
O Instituto Brasileiro de Economia (IBRE), da Fundação Getulio Vargas (FGV), realizou, no dia 19 de setembro de 2014, o seminário internacional A América Latina e as Novas Condições Econômicas Mundiais.
O evento abordou a questão das perspectivas latinoamericanas diante das mudanças impostas, entre outros fatores, pela desaceleração da China e pela gradual normalização da política monetária dos EUA.
O encontro foi organizado em três painéis, que incluiram desde estudos de casos nacionais — Argentina, Brasil, Chile, Colômbia e México — a apresentações mais abrangentes da economia da região como um todo ou parte dela.
Confira as fotos do evento e mais informações no site do FGV/IBRE: http://bit.ly/YdyhyL
Weekly currency round up - 23rd February 2018. moneycorpbank1
The end of last week didn’t bring much good news for sterling. UK retail sales in January were up by 0.1% from December and 1.6% more than in the same month last year.
2014 Economic Outlook (Michael Brown, Wells Fargo)PublicFinanceTV
The document analyzes the economic outlook for 2014 and beyond. It finds that while the US economic recovery will continue in 2014, growth will remain below historical averages. Unemployment remains elevated due to structural factors. Consumer spending and business investment will slowly increase in 2014, supporting moderate GDP growth. Federal fiscal policy uncertainty poses a headwind. Overall, the recovery is ongoing but uneven across states, industries, and demographic groups.
The document provides an economic outlook and risk analysis for various regions globally. Some key points:
- Global economic growth is expected to remain slow at just over 2% in 2012-2013 due to headwinds from high OECD debt levels, China's economic slowdown, and ongoing issues in the eurozone.
- The outlook is most negative for Europe, where recessions are widespread and bank deleveraging is reducing lending. Payments performance and credit risk are expected to deteriorate significantly across the region.
- Growth is also slowing in emerging markets as exports to Europe and China decline. Exchange rate volatility from the eurozone crisis poses risks, and commodity producers are concerned about falling oil prices.
Mercer Capital's Value Focus: Energy Industry | Q1 2021 | Region Focus: Eagle...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
The document discusses India's current economic situation and opportunities for growth. It notes that while GDP and industrial output growth slowed in December, stock markets remained bullish and FIIs continued investing heavily in India. It argues the government should seize the opportunity to implement delayed reforms to spur growth, such as increasing petroleum prices and pushing through the 2G auction. Reducing the fiscal deficit through these measures could boost growth and attract more foreign investment. The RBI may also cut interest rates to support the economy if the government demonstrates a credible commitment to fiscal discipline.
This document provides an economic and financial market update for November 2012. It includes numerous charts and graphs analyzing indicators related to the U.S. and global economies, such as GDP, inflation, interest rates, stock and bond markets, housing, jobs, bank lending, exports, and commodity prices. Several charts compare the U.S. to other G10 countries. The document discusses whether the recoveries are sustainable or if new risks may emerge. It also contemplates various economic scenarios and possibilities for 2012-2013.
The document provides an overview of recent US economic data and projections, including:
1) Several key economic indicators are showing continued recovery, such as GDP growth, unemployment claims, and consumer spending. However, unemployment remains elevated.
2) Inflation expectations remain low according to market indicators and Fed forecasts. The federal budget deficit is projected to remain high over the next decade, increasing the national debt burden.
3) Overall the recovery is expected to continue gradually, but significant downside risks remain, such as a double-dip recession or failure to reduce long-term budget imbalances.
- Home sales in 2014 are expected to hold steady at around 5.12 million units, similar to projected sales in 2013. Median home prices are forecast to rise nearly 6% in 2014 after an expected 11% increase in 2013.
- Inventory shortages continue to put upward pressure on home prices. Housing starts need to increase substantially to meet demand and alleviate the shortage.
- Mortgage rates are projected to rise through 2014, reaching over 5% by year-end, which will impact affordability. Job growth and potential easing of lending standards could offset higher rates.
- Inflation may start to rise in 2014 as the rent component increases, emphasizing the need for more new home construction to control price growth
The document provides an overview of the positive economic signs in Canada over the past year, including increased consumer spending and confidence, an expected boost from the upcoming Olympics, and signs of a strengthening housing market such as record home sales and rising prices. It also summarizes recent mortgage rates, exports, job postings data and expectations for a thaw in salary freezes in 2010, indicating further economic recovery. Local real estate conditions may vary so buyers and sellers are advised to consult their Keller Williams agent for specific market insights.
Canada's national housing market appears steady with modestly cooling sales and price increases, though conditions vary significantly locally. Vancouver home sales have tumbled 40% since February due to severe unaffordability and new taxes, and prices may face further declines. Meanwhile, the Toronto area continues setting sales records and accelerating price gains due to strong demand and tight supply. Calgary sales are stabilizing at lower levels with modest price declines as ample supply offsets better affordability.
The document summarizes recent positive economic trends and events in Canada including rising home sales, home prices, and consumer confidence. Mortgage rates remain low while help wanted ads and salaries are expected to rise in 2010. Exports increased in November moving Canada to a trade surplus. The Bank of Canada expects growth forecasts to occur as predicted and will hold interest rates steady.
Weekly Currency Round up- 23rd March 2018 moneycorpbank1
The pound had a good week. Warnings about the possible hacking of Britain's infrastructure by the Kremlin were ineffective at holding back the pound at the end of last week and there was a raft of positive stats and announcements to provide support.
Export Development Canada's Global Economic Outlook, Fall 2019Stephen Tapp
The document provides an executive summary and global economic outlook from EDC Economics for Fall 2019. Key points include:
- Global growth is slowing significantly, with calls of an impending global recession growing. Forward indicators showed weakness emerging over 6 months ago.
- While business investment and exports have weakened significantly, consumer spending has remained strong, driven by low unemployment. This is an unusual divergence from typical recession patterns.
- The main ongoing trade disputes, especially US-China, are disrupting global trade and causing uncertainty that is weighing on business investment. Resolution of these disputes will determine whether growth rebounds or a recession occurs.
- The global economic outlook forecasts a growth slowdown in 2019 followed by a pickup in 2020-2021
In July 2012, Latvia saw consumer price inflation of 1.7% year-over-year, below the 2% target for the second straight month. Fuel prices declined in July according to government statistics, though they rose in the second half of the month. It is difficult to estimate the impact of a recent VAT rate cut due to typical seasonal food and clothing price declines. Inflation expectations among consumers and retailers have diminished in recent months. Annual inflation is projected to remain below 2% in the coming months, with a possible rise in the fourth quarter, though the forecast may be revised down given recent price trends.
This is Western Union Business Solutions October edition of the global currency outlook, providing you and your business with invaluable market insight and visibility of key risk events.
The document provides a market outlook and forecast for 2013 by Timothy E. Burt, CFA.
The summary is:
1) Most global stock markets performed well in 2012, led by Germany and Japan, while the UK and Canada lagged.
2) The author believes the global economy will gradually improve in 2013, with stronger growth in the second half as issues in Europe and China are addressed.
3) The forecast is for US GDP growth of 3.0-3.5% and Canadian growth of 1.5-2.0% in 2013. US and Canadian stock markets are expected to rise 12-15% with the S&P 500 surpassing its 2007 high.
1) The global stock markets had a difficult year in 2011 with significant volatility and uncertainty driven by slowing economic growth and debt problems in Europe and the US.
2) Bond markets significantly outperformed stock markets as investors sought the perceived safety of bonds.
3) Commodity prices were also volatile, with gold and oil gaining for the year but base metals declining on slowing global demand.
U.S. economic growth is expected to remain steady in 2016, though risks remain. Global growth is slowing, which could impact the U.S. through trade and capital flows pushing up the dollar. Consumer spending and the labor market are improving, but weak productivity growth may limit income gains. Business investment is also expected to increase but risks remain from low oil prices. The Federal Reserve will continue raising rates gradually based on economic data. Residential investment is also expected to strengthen as household formations increase.
The Canadian economy grew modestly in August but gains have moderated from earlier in the year. Consumer confidence stabilized in October after declines. The US economy grew at an annualized rate of 2.0% in Q3, led by inventory, consumption, and government spending. Housing sales increased slightly but remain near lows. Growth continued in the Eurozone and UK but may slow, while Japan saw improvements in business and consumer spending. Canadian and US stock markets gained in October with technology and consumer sectors outperforming, while bond yields were stable.
The magnificent 7 and equity markets review 9Markets Beyond
Turmoil in the Arab world triggered a market correction that was overdue. We are still in a bull market and opportunities to re-enter will soon materialize.
Gold advanced overnight to open at 1332.50/1333.50. It retreated to a low of 1328.25/1329.25 as investors gauged the pace of economic recovery in the U.S. while Chinese data showed a decline in the rise of home prices for the first time in over a year.
Roberto Steiner - Colombia under the new global economic conditions
O Instituto Brasileiro de Economia (IBRE), da Fundação Getulio Vargas (FGV), realizou, no dia 19 de setembro de 2014, o seminário internacional A América Latina e as Novas Condições Econômicas Mundiais.
O evento abordou a questão das perspectivas latinoamericanas diante das mudanças impostas, entre outros fatores, pela desaceleração da China e pela gradual normalização da política monetária dos EUA.
O encontro foi organizado em três painéis, que incluiram desde estudos de casos nacionais — Argentina, Brasil, Chile, Colômbia e México — a apresentações mais abrangentes da economia da região como um todo ou parte dela.
Confira as fotos do evento e mais informações no site do FGV/IBRE: http://bit.ly/YdyhyL
Weekly currency round up - 23rd February 2018. moneycorpbank1
The end of last week didn’t bring much good news for sterling. UK retail sales in January were up by 0.1% from December and 1.6% more than in the same month last year.
2014 Economic Outlook (Michael Brown, Wells Fargo)PublicFinanceTV
The document analyzes the economic outlook for 2014 and beyond. It finds that while the US economic recovery will continue in 2014, growth will remain below historical averages. Unemployment remains elevated due to structural factors. Consumer spending and business investment will slowly increase in 2014, supporting moderate GDP growth. Federal fiscal policy uncertainty poses a headwind. Overall, the recovery is ongoing but uneven across states, industries, and demographic groups.
The document provides an economic outlook and risk analysis for various regions globally. Some key points:
- Global economic growth is expected to remain slow at just over 2% in 2012-2013 due to headwinds from high OECD debt levels, China's economic slowdown, and ongoing issues in the eurozone.
- The outlook is most negative for Europe, where recessions are widespread and bank deleveraging is reducing lending. Payments performance and credit risk are expected to deteriorate significantly across the region.
- Growth is also slowing in emerging markets as exports to Europe and China decline. Exchange rate volatility from the eurozone crisis poses risks, and commodity producers are concerned about falling oil prices.
Mercer Capital's Value Focus: Energy Industry | Q1 2021 | Region Focus: Eagle...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
The document discusses India's current economic situation and opportunities for growth. It notes that while GDP and industrial output growth slowed in December, stock markets remained bullish and FIIs continued investing heavily in India. It argues the government should seize the opportunity to implement delayed reforms to spur growth, such as increasing petroleum prices and pushing through the 2G auction. Reducing the fiscal deficit through these measures could boost growth and attract more foreign investment. The RBI may also cut interest rates to support the economy if the government demonstrates a credible commitment to fiscal discipline.
This document provides an economic and financial market update for November 2012. It includes numerous charts and graphs analyzing indicators related to the U.S. and global economies, such as GDP, inflation, interest rates, stock and bond markets, housing, jobs, bank lending, exports, and commodity prices. Several charts compare the U.S. to other G10 countries. The document discusses whether the recoveries are sustainable or if new risks may emerge. It also contemplates various economic scenarios and possibilities for 2012-2013.
The document provides an overview of recent US economic data and projections, including:
1) Several key economic indicators are showing continued recovery, such as GDP growth, unemployment claims, and consumer spending. However, unemployment remains elevated.
2) Inflation expectations remain low according to market indicators and Fed forecasts. The federal budget deficit is projected to remain high over the next decade, increasing the national debt burden.
3) Overall the recovery is expected to continue gradually, but significant downside risks remain, such as a double-dip recession or failure to reduce long-term budget imbalances.
- Home sales in 2014 are expected to hold steady at around 5.12 million units, similar to projected sales in 2013. Median home prices are forecast to rise nearly 6% in 2014 after an expected 11% increase in 2013.
- Inventory shortages continue to put upward pressure on home prices. Housing starts need to increase substantially to meet demand and alleviate the shortage.
- Mortgage rates are projected to rise through 2014, reaching over 5% by year-end, which will impact affordability. Job growth and potential easing of lending standards could offset higher rates.
- Inflation may start to rise in 2014 as the rent component increases, emphasizing the need for more new home construction to control price growth
The document provides an overview of the positive economic signs in Canada over the past year, including increased consumer spending and confidence, an expected boost from the upcoming Olympics, and signs of a strengthening housing market such as record home sales and rising prices. It also summarizes recent mortgage rates, exports, job postings data and expectations for a thaw in salary freezes in 2010, indicating further economic recovery. Local real estate conditions may vary so buyers and sellers are advised to consult their Keller Williams agent for specific market insights.
Canada's national housing market appears steady with modestly cooling sales and price increases, though conditions vary significantly locally. Vancouver home sales have tumbled 40% since February due to severe unaffordability and new taxes, and prices may face further declines. Meanwhile, the Toronto area continues setting sales records and accelerating price gains due to strong demand and tight supply. Calgary sales are stabilizing at lower levels with modest price declines as ample supply offsets better affordability.
The document summarizes recent positive economic trends and events in Canada including rising home sales, home prices, and consumer confidence. Mortgage rates remain low while help wanted ads and salaries are expected to rise in 2010. Exports increased in November moving Canada to a trade surplus. The Bank of Canada expects growth forecasts to occur as predicted and will hold interest rates steady.
The Canadian housing market and economy showed signs of recovery in October. Home sales and prices increased across most of Canada, with the national average home price rising 13.6% year-over-year. The strong housing market recovery has contributed to Canada being one of the first developed nations to emerge from recession. While exports may be dampened by a stronger Canadian dollar, private investment and consumer spending are expected to support continued economic growth. Overall, recent data indicates Canada is well-positioned for a sustained rebound from the economic downturn.
The document summarizes recent trends in the Canadian housing market. Prices are at an all-time high but are expected to increase at a slower rate as tighter mortgage regulations and rising interest rates cause the market to become more balanced. Home sales declined in May from the previous month due to fewer purchases in major cities. New listings also declined slightly for the first time in eight months as the market adjusts to changing conditions. The Canadian economy remains strong overall despite the rate hike by the Bank of Canada.
This document discusses factors that could influence residential home prices in the United States over the next decade. It identifies 8 key factors: affordability, location, interest rates and inflation rates, mortgage rates, population growth and limited supply, the economy and unemployment, property taxes, and government policies. It provides analysis of each factor, including how rising incomes and affordability have not kept pace with home price increases. Charts show relationships between home prices, income, and location-based home price to income ratios.
This report summarizes the prospects for the UK housing market in winter 2015. It predicts that house prices will rise 4.5% in 2015 and 4.4% in 2016, supported by an improving economy. However, sustained low interest rates could fuel faster growth of nearly 7% in 2016. Regional disparities are growing, with prices weakest in the North East and Scotland. The supply of homes remains constrained, despite strong demand and real earnings growth supporting buyer affordability.
The document discusses two key topics:
1) The housing market recovery is expected to continue through 2014, with existing home sales, new home sales, and housing starts all increasing in the coming years. Home prices are also forecasted to rise steadily.
2) However, the looming "fiscal cliff" poses a major risk to the economic recovery. If Congress fails to address large automatic spending cuts and tax increases, it could trigger a recession. The housing market outlook is dependent on resolving this issue and avoiding further limitations on mortgage credit availability.
Td Economics Resale Housing Report October 2011Matt Collinge
Residential real estate activity saw a mixed month in September:
- Housing sales increased month-over-month but remain below January peak levels. Listings and inventory levels were also up slightly.
- The average national resale price decreased month-over-month but remains up 8.1% year-over-year, led by strong gains in British Columbia.
- Factors like new mortgage rules, economic uncertainty, and saturated first-time buyer segment have weighed on sales this year, though low mortgage rates have helped.
- The analyst expects a balance between economic headwinds and low rates to keep prices and sales steady in the coming year.
FHB -6.8%
NON FHB -14%
INVESTOR'S -25.5%
Residential property market analysis
Inside these pages, you’ll find expert commentary about the market and its drivers.
The centrepiece of the report is the three-year forecasts of our capital city house and
unit prices. We also delve into the shape of our market in regional Australia.
This year our Spotlight feature “High-density missing the mark?” examines whether
medium and high-density dwellings are a positive outcome for the residential property
market and housing affordability.
The document summarizes key real estate market trends in Canada from December 2009. Home sales increased 72% year-over-year in December, while the average home price rose 19% to $337,410 nationally. Inventory levels also increased from the previous year, but remained low overall indicating a strong seller's market. Mortgage rates remained low at 5.49% for a 5-year fixed rate, supporting buyer demand. The document also discusses recent economic events and provides tips for home buyers in competitive bidding situations.
This monthly real estate report provides an overview of economic indicators and housing market trends in Canada. While Canada has officially emerged from recession, recovery will be gradual and unemployment remains a concern. The housing market is rebounding with home sales and prices rising significantly year-over-year, but new listings are still below last year's levels. Mortgage rates remain low, benefiting homeowners.
This document provides an overview and outlook of the Australian property market in 2022 and 2023. It summarizes that rising interest rates led to a decline in national home values in 2022, with values falling 3.2% nationally driven by a 5.2% decline in capital cities. Regional home values rose 3.3% over the year. The outlook expects further interest rate rises and home value declines in 2023, with a potential bottoming out once interest rates peak, though serviceability remains a risk. Rental growth was strong in 2022 and migration recovery could boost investor and first home buyer activity as values find a floor.
RBC Global Asset Management: Surprisingly Sustainable Canadian HousingEric Lascelles
Canadian housing will eventually run into affordability woes, but concerns about overbuilding, condo excesses and flighty speculators are largely overblown.
The US housing market is healthier now than during the Great Recession, however COVID-19 is negatively impacting sales. Pending home sales declined 40% YoY in mid-April due to fewer listings and showings. Unemployment could increase mortgage defaults if it remains high. Home prices are at record highs but historically low mortgage rates have improved affordability. Demand from millennial first-time buyers may sustain the market but supply constraints exist in some areas.
The Australian Residential Property
Market and Economy
► Brisbane’s annual value growth has slowed from
+2.8% a year ago to +1.1% over the past year.
House values have risen by +1.2% over the past
year and unit values are +0.7% higher.
Another Step in Canadian Federal Pension RepairEmily Jackson
The document summarizes Canada's trade performance in Q1 2014. Key points:
- Canada registered its first trade surplus since 2011, fueled by record energy trade surplus that offset a non-energy trade deficit.
- Exports and imports contracted in Q1 due to weather impacts and a trucker strike, but net exports are expected to contribute to GDP growth.
- The weaker Canadian dollar and stronger U.S. and European growth are expected to boost Canadian exports, especially energy and machinery, through 2015. Transportation constraints remain a challenge for some sectors like agriculture.
- Housing prices in Vancouver and Toronto have continued rising unexpectedly in 2016, defying expectations of a soft landing.
- Vancouver's housing market is expected to experience a modest price correction of around 10% by mid-2017 due to new foreign buyer taxes and high unaffordability.
- Toronto's housing market is projected to continue accelerating in the near term due to limited supply response and potential increased foreign investment switching from Vancouver.
L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
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1. Adrienne Warren (416) 866-4315
adrienne.warren@scotiabank.com
Global Economics
GlobalRealEstateTrends
Global Real Estate Report is available on: www.scotiabank.com, Bloomberg at SCOT and Reuters at SM1C
Scotiabank Economics
Scotia Plaza 40 King Street West, 63rd Floor
Toronto, Ontario Canada M5H 1H1
Tel: (416) 866-6253 Fax: (416) 866-2829
Email: scotia.economics@scotiabank.com
This report has been prepared by Scotiabank Economics as a resource for the clients of Scotiabank.
Opinions, estimates and projections contained herein are our own as of the date hereof and are
subject to change without notice. The information and opinions contained herein have been
compiled or arrived at from sources believed reliable but no representation or warranty, express or
implied, is made as to their accuracy or completeness. Neither Scotiabank nor its affiliates accepts
any liability whatsoever for any loss arising from any use of this report or its contents.
TM
Trademark of The Bank of Nova Scotia. Used under license, where applicable.
Aggressive monetary policy easing, which has anchored short-term interest rates in many countries near
historic lows, alongside pent-up demand are helping to reinvigorate global property markets. Notwithstanding
the sluggish pace of economic activity and elevated financial market volatility, inflation-adjusted home prices
strengthened year-over-year in the second quarter in the majority of countries in our survey (chart 1). The
turnaround is most notable in a number of advanced nations such as the United States and the United
Kingdom, but prices are re-accelerating again in some emerging markets as well, including China.
The United States maintains its position near the top of our international ranking, with inflation-adjusted
home prices rising 8% y/y in Q2. Demand is being bolstered by moderate job growth and near record housing
affordability, while low inventories and fewer distressed sales are supporting prices. We expect rising
mortgage rates will moderate, but not derail the recovery, which is still in its early stages from a cyclical
standpoint. Household finances have improved, consumer confidence is rising and lending conditions are
slowly easing. There is also considerable pent-up demand for housing following the multi-year downturn.
Canadian housing activity remains buoyant, though the underlying fundamentals for continued gains are
becoming less favourable. Average inflation-adjusted home prices increased 2½% y/y in Q2 alongside
strengthening sales volumes. Low borrowing costs and balanced
market conditions continue to attract buyers, though slowing job
growth and the recent uptick in fixed mortgage rates will likely cool
activity later in the year and into 2014. Affordability also is
challenged in some of Canada’s largest urban centres, primarily for
single-family homes.
A number of European property markets are showing early signs of
revival, mirroring the nascent pickup in economic activity and
consumer confidence. The U.K. housing recovery is becoming more
broad based, supported by ‘Help to Buy’ stimulus measures
introduced in the 2013 budget. Real prices moved back above year-
ago levels in Q2 for the first time in 2½ years. Sweden and
Switzerland reported steady real price growth in the second quarter.
Conditions are weaker in the periphery. Spain’s property market
remains in a deep slump. While the rate of price decline is slowing,
there is limited prospect of a near-term turnaround with the nation’s
jobless rate stuck at over 25%. Irish property prices appear to be
Modest Firming In Global Housing Markets Through Mid-Year
September 11, 2013
Focus On Canada’s
Housing Market p. 2 >
-20 -10 0 10 20
Spain
Italy*
France*
Russia
South Korea
Japan*
India
Ireland
Mexico
U.K.
Canada
Australia
Brazil
Sweden
Germany***
Thailand
Chile
Switzerland
Indonesia
U.S.
Colombia*
China
Peru**
*2013Q1 **2012Q4 ***2012. Source: Scotiabank
Economics
2013Q2,
y/y % chg
Chart 1: Real House PricesChart 1: Real House Prices
*2013Q1 **2012Q4 ***2012
Source: Scotiabank Economics
2. 2
Global Economics
Global Real Estate Trends
September 11, 2013
bottoming as demand slowly picks up. However, record mortgage arrears
topping 12% of outstanding loans are a significant hurdle to a sustainable
housing recovery.
Asian property markets are for the most part holding up in the face of slowing
regional growth. Despite official policy efforts in recent years to rein in credit
demand, real house prices accelerated in the vast majority of major cities in
China in Q2. Australian, Indonesian and Thai property markets also gained
momentum in the April to June period, though conditions remain weak in
India and South Korea, with prices contracting modestly last quarter.
Latin American property markets are mixed, with strong price growth in
Chile, Peru and Colombia underpinned by relatively solid domestic demand
and labour markets. Real house prices in Mexico are flat, with modest
nominal price appreciation eroded by persistent inflation. Meanwhile, a
weakening economy and high interest rates have led to a sharp cooling in
Brazil’s previously red-hot housing market.
Focus on Canada’s Housing Market
Canadian housing activity remains quite buoyant, supported by low borrowing
costs and reasonably healthy employment conditions. Home resales, after
declining through the latter half of 2012, recovered over the spring and
summer. The volatile pattern of sales may reflect in part uncertainty
surrounding repeated moves by Ottawa to tighten mortgage rules and lending
guidelines in order to slow the housing market’s momentum. Year-to-date,
national home sales are trending slightly below last year’s levels, and are in
line with the average pace of the past decade (chart 2).
Home prices also are proving resilient. The MLS Home Price Index (HPI),
which takes into account changes in the mix of sales by housing type and
location, shows national prices tracking around 2-3% year-over-year. This
modest rate of house price appreciation is consistent with balanced market
conditions and long-term house price inflation.
Regionally, Alberta continues to show the strongest overall conditions, as
strong population inflows and full-time job growth fuel growing housing
demand. Activity in British Columbia remains on the softer side despite some
recovery in sales and pricing in recent months. In most other provinces, sales
volumes are fairly ‘typical’ and market conditions balanced.
Buyers are taking advantage of still attractive borrowing costs,
notwithstanding the recent upward drift in fixed mortgage rates. Indeed, the
prospect of rate increases may have drawn in potential homeowners from the
sidelines. Demand also is supported by immigration and population growth,
and mirrors strengthening consumer confidence.
New home construction and building permit demand have also firmed in
recent months. However, the 183,000 annualized housing units initiated this
year is well below last year’s 215,000 units, and in line with underlying
0
2
4
6
8
10
12
14
16
00 02 04 06 08 10 12
Chart 4: Canadian Household
Credit
Source: Bank of Canada, Scotiabank Economics
y/y % change
Residential
Mortgages
Consumer Credit
200
300
400
500
600
00 02 04 06 08 10 12
Chart 2: Canadian Home
Resales
Source: CREA, Scotiabank Economics
000s, annualized
10-year average
0
50
100
150
200
250
300
00 02 04 06 08 10 12
Multi-unit
Single-family
Chart 3: Canadian Housing
Starts
Source: CMHC, Scotiabank Economics
000s of units, annualized
Chart 3: Canadian Housing Starts
Chart 4: Canadian Household Credit
Chart 2: Canadian Home Resales
3. 3
Global Economics
Global Real Estate Trends
September 11, 2013
0
2
4
6
8
10
12
14
16
90 95 00 05 10
Multis
Singles & Semis
units per 10,000 population 25+
household formation requirements (chart 3). The reduction in starts has been
focused on multi-unit projects, primarily in Toronto and Montreal, as builders
react to reduced new home demand and rising unsold inventory.
Underlying fundamentals are less conducive to a further ramping up in
housing activity. Any pent-up demand from last year’s slowdown has been
satisfied with sales now back in line with historical averages. Moderating job
growth — employment gains have averaged 13,000 per month this year, half
the average gain in 2012 — also should temper demand.
Canadian households appear increasingly reluctant to take on additional debt,
heading to repeated warnings from policymakers. Consumer credit and
mortgage growth is advancing at its slowest pace in over a decade (chart 4).
The household savings rate is trending up.
Housing affordability at a national level is still within historical norms, with
high home prices offset by ultra-low borrowing costs (chart 5). However,
affordability is expected to become a bigger challenge for buyers over the
coming year with interest rates now drifting up. The deterioration in
affordability should be manageable under a gradual upward trajectory for
interest rates, moderate income growth and modest to flat home price
increases. A sharp spike in interest rates, a decline in household incomes or a
re-acceleration in home price appreciation pose a greater risk. National
affordability measures mask more strained conditions in several major centres,
primarily for single-family homes in Toronto and Vancouver.
Homeowners have a number of options in the face of rising borrowing costs.
Variable rate mortgages are expected to remain near historic lows in 2014, and
move up only slowly thereafter as the Bank of Canada gradually normalizes
monetary policy. Many homebuyers are insulating themselves to a higher rate
environment by locking in at historically low rates. For homeowners with a
mortgage coming up for renewal, most face a lower rate today relative to the
discounted rate available 1, 3 and 5 years ago.
The combination of moderately higher interest rates and slowing job growth
will likely dampen home sales later this year and into 2014. Meanwhile,
increased supply should limit price gains. However, the risk of a large price
correction nationally remains low barring a major adverse shock such as a
sharp rise in unemployment. Sellers have been responsive to shifts in supply
conditions, mortgage quality is solid, and arrears rates are low and edging
lower (chart 6).
Slowing home sales should in turn lead to a reduction in new home
construction. We expect starts will fall to about 170,000 units in 2014, below
demographic replacement demand. A period of below-average construction
will help absorb excess housing stock. Unsold inventory has been creeping up
in recent years with starts exceeding household formation trends, but is not
particularly high from a historical perspective (chart 7).
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
90 95 00 05 10
Chart 6: Canadian Residential
Mortgage Arrears
Source: CBA, Scotiabank Economics
% of mortgages 30 days
or more past due
0.20
0.30
0.40
0.50
0.60
0.70
90 95 00 05 10
Chart 5: Canadian Housing
Affordability
Source: Scotiabank Economics
Mortgage payment /
PDI per worker
Long-term average
National Average
Chart 5: Canadian Housing
Affordability
Chart 6: Canadian Residential
Mortgage Arrears
Chart 7: Completed & Unsold
Housing Inventory
Source: CMHC, Statistics Canada,
Scotiabank Economics
4. 4
Global Economics
Global Real Estate Trends
September 11, 2013
Canada’s Major Condo Markets Are Rebalancing
Potential overbuilding of condominiums in a number of major urban centres
remains a concern, especially in light of recent evidence that demand is
waning. In Toronto, where reasonably good data on new home sales are
available, purchases of both new low-rise and high-rise homes have fallen
sharply over the past year. Reduced expected returns have dampened
investor demand for new condos, while high prices and supply constraints
have undercut low-rise sales. Sales of resale condominiums are holding up
better, evidence that demand by owner occupiers (which dominate resales)
remains healthy.
Homebuilders are responding to the shift in market conditions. Toronto
housing starts dropped from a record 48,000 units last year to a 33,000
annual rate over the first eight months of 2013 (chart 8). Based on annual
household formation of close to 38,000 from 2006-2011, starts have moved
back below underlying housing demand.
The slowdown primarily reflects fewer high-rise projects breaking ground.
Toronto apartment starts have fallen almost in half this year, from 30,000
units in 2012 to an annual rate of 16,000 from January through July. Given
the weakening trend in new home sales, construction will likely move even
lower over the coming year. Toronto apartment starts fell to an annual rate of
13,000 in 2009-2010 following the recession slump in sales.
Despite the slowdown in starts, a record number of completed condominium
units will come onto the Toronto market over the next two years. Given
strong condominium rental demand — lease transactions reached a record
high in Q2 — low vacancy rates and rising rents, we expect a large number
of investor-owned units can be absorbed by the rental market. Even so, new
supply will likely outstrip demand, putting some downward pressure on new
and resale condominium prices.
There are also potential imbalances emerging in the Montreal and Vancouver
condominium markets. Here too builders are slowing the pace of new
construction in order to reduce inventories — apartment starts this year are
down roughly 30% and 10%, respectively (charts 9 and 10). Data on new
condominium sales for these markets are limited, though resale reports point
to somewhat softer conditions.
Over the medium term, a number of factors will continue to support
homeownership condominium demand. These include the high cost
of single-family homes in Canada’s largest urban centres, lifestyle
considerations (e.g. the desire for shorter commutes and lower maintenance)
and demographic shifts (e.g. immigration, an aging population and the rise in
one-person households). From a supply perspective, development restrictions
and land constraints are expected to continue to promote urban
intensification. 0
5
10
15
20
00 02 04 06 08 10 12
Single-family
Multi-unit
Chart 10: Vancouver Housing
Starts
000s of units, annualized
Source: CMHC, Scotiabank Economics
0
5
10
15
20
25
00 02 04 06 08 10 12
Single-family
Multi-unit
Chart 9: Montreal Housing
Starts
000s of units, annualized
Source: CMHC, Scotiabank Economics
0
5
10
15
20
25
30
35
40
00 02 04 06 08 10 12
Single-family
Multi-unit
Chart 8: Toronto Housing
Starts
000s of units, annualized
Source: CMHC, Scotiabank Economics
Chart 8: Toronto Housing Starts
Chart 9: Montreal Housing Starts
Chart 10: Vancouver Housing Starts
11. 11
Global Economics
Global Real Estate Trends
September 11, 2013
International Residential Markets
Source of nominal house price data:
Australia: Price index of established houses, weighted average of 8 capital cities. Australian Bureau of Statistics.
Canada: National average price of existing home sales. Canadian Real Estate Association (CREA).
France: Price index of second-hand dwellings. National Institute of Statistics and Economic Studies (INSEE).
Germany: Resale house price index. Bundesbank unpublished. Bank for International Settlements (BIS).
Ireland: Average price of second-hand houses (before 2006). Irish Department of the Environment, Heritage and Local Government.
Residential Property Price Index, all dwellings (from 2006). Central Statistics Office.
Italy: Resale house price index, average of 13 urban areas (before 2011). Bank of Italy.
House Price Index, new and existing homes, all dwellings (from 2011). Eurostat/Istat.
Japan: Residential urban land price index. Japan Real Estate Institute.
Spain: Average price of second-hand houses. Bank of Spain.
Sweden: Real Estate Price Index, buildings for permanent living. Statistics Sweden.
Switzerland: Price index for single-family homes. Swiss National Bank.
United Kingdom: M ix-adjusted house price index, all dwellings. U.K. Office for National Statistics.
United States: National average price of existing single-family home sales. National Association of Realtors.
Russia: Average price per square metre, existing homes, all dwellings, urban areas. Federal State Statistics Office.
Brazil: Residiential real estate collateral value index, all dwellings, urban areas. Central Bank of Brazil.
Chile: New House Price Index (IRPV), Greater Santiago, all dwellings. Chilean Chamber of Construction.
Colombia: New House Price Index (IPVN), all dwellings, 23 municipalities. National Administrative Department of Statistics (DANE).
M exico: Housing Price Index (Indice SHF), new and existing homes, all dwellings. Sociedad Hipotecaria Federal.
Peru: Price per square meter of apartments, Lima. Central Reserve Bank of Peru (BCRP).
China: Sale price of second-hand residential buildings, Beijing. National Bureau of Statistics of China.
India: Housing Price Index (NHB Residex), new and used homes, all dwellings, 15 cities. National Housing Bank.
Indonesia: Residential Property Price Index, new homes, all dwellings, 14 city composite. Central Bank of Indonesia.
South Korea: House Price Index, new and existing homes, all dwellings. Bank of Korea.
Thailand: Housing Price Index, single-detached house (incl. land), Bangkok & vicinity, Government Housing Bank loans (before 2009). Bank of Thailand.
Housing Price Index, single-detached house (incl. land), Bangkok & vicinity, Commercial Bank loans (from 2009). Bank of Thailand.
International House Prices
(Inflation-adjusted*, y/y % change)
2004 2005 2006 2007 2008 2009 2010 2011 2012 12Q3 12Q4 13Q1 13Q2
Australia 4.2 -1.2 4.2 9.0 0.1 1.7 9.1 -5.9 -2.5 -2.1 0.3 0.8 2.7
Canada 7.4 7.7 9.2 8.6 -3.1 4.7 4.1 4.1 -1.2 -1.5 -0.7 0.2 2.5
France 12.8 13.5 10.1 5.0 -2.3 -7.2 3.4 3.6 -2.6 -3.9 -3.7 -2.6
Germany -2.8 -3.9 -2.8 -1.2 -1.7 -0.2 0.9 2.5 3.6 .. .. .. ..
Ireland 8.9 10.0 11.8 5.6 -9.0 -16.6 -11.6 -14.3 -14.7 -14.0 -7.9 -4.0 -0.9
Italy 3.8 5.5 3.6 2.9 -0.9 -1.3 -1.5 -2.2 -5.9 -7.1 -7.8 -7.8
Japan -6.2 -4.8 -3.6 -1.1 -2.6 -2.4 -3.1 -2.9 -2.7 -2.2 .. -1.6 ..
Spain 15.3 11.2 6.5 2.6 -3.9 -7.3 -5.7 -9.2 -11.3 -12.4 -13.6 -11.0 -10.0
Sweden 9.0 8.6 10.8 8.2 -0.2 1.9 6.6 -1.9 -2.3 -1.9 2.2 2.7 3.3
Switzerland 1.6 -0.1 1.4 1.3 0.3 5.5 4.0 3.9 4.4 4.1 4.0 4.0 5.9
United Kingdom 10.5 3.4 4.0 8.6 -4.6 -10.0 4.0 -5.4 -1.2 -0.6 -0.3 -0.5 0.2
United States 6.3 6.1 -2.0 -5.0 -12.7 -9.3 -0.2 -6.4 3.1 5.0 7.1 7.6 8.0
Russia 17.1 10.9 38.4 35.3 10.3 -12.4 1.4 -29.3 9.9 10.3 10.3 -0.4 -2.2
Brazil 7.6 3.6 8.7 14.1 17.1 19.1 19.5 12.9 6.4 5.3 4.2 3.5 2.9
Chile .. -1.5 -5.2 -2.1 -2.1 0.4 1.9 5.3 2.7 2.3 4.3 6.6 5.5
Colombia 6.7 4.1 3.3 10.8 6.7 5.5 5.3 6.2 7.6 7.9 8.6 9.8
Mexico .. .. 3.0 3.6 -0.5 0.1 -0.3 0.8 0.7 -0.8 -1.2 -0.8 -0.5
Peru 7.0 -6.1 -4.1 2.4 22.1 14.1 9.4 13.7 18.1 16.8 15.3
China .. .. .. .. .. -1.0 1.7 -4.5 -4.8 -4.1 -2.0 3.8 10.2
India .. .. .. .. -0.7 -5.9 3.3 6.2 -2.2 -3.5 0.0 2.7 -1.6
Indonesia -2.1 -6.5 -7.8 -4.1 -7.3 -2.6 -2.3 -0.7 0.4 -0.2 2.4 5.7 6.5
South Korea -2.4 -2.0 3.9 6.6 -0.7 -2.6 -0.5 1.2 0.7 0.3 -1.4 -1.9 -1.9
Thailand 2.6 3.5 -0.9 -1.1 -6.6 5.2 -2.3 -0.7 -1.8 0.1 -2.0 1.5 3.8
* Nominal house prices deflated by national consumer price indices.