(RTTNews) - Wednesday, several European nations released statistical data during the day. Data showed rising import price inflation in Germany and slowing economic growth in Spain and a rebound in Italian consumer confidence, among others.

Eurozone

German import price inflation in July increased at the fastest pace since November 2000 on higher energy prices. The Federal Statistical Office announced that the import price inflation rose more than expected year-on-year to 9.3% in July, which was the fastest growth since November 2000. Economists were expecting it to climb to 9.2% in July from 8.9% in June. Compared to the previous month, import prices were up 0.6%, but down from June’s 1.5%. However, monthly increase exceeded the 0.5% growth expected.

A detailed report from the Spanish National Statistics Institute showed that the economy expanded 1.8% year-on-year in the second quarter. A year ago, the economy had grown 3.9%. At the same time, the statistical office revised the first quarter annual growth to 2.6% from 2.7% reported initially. On a quarterly basis, gross domestic product, or GDP, inched up 0.1% in the second quarter. Final figures for the second quarter confirmed the preliminary report and economists’ expectations.

The Italian consumer confidence recorded strong increase in August as consumers’ pessimism about the economy decreased notably. The latest consumer confidence survey by the Italian research institute ISAE showed that its consumer confidence index climbed to 99.5 in August from 95.8 in July. The reading was well above the consensus forecast of 96.

Finland’s Ministry of Finance maintained the growth forecast for 2008 at 2.8% in its latest economic bulletin. However, the ministry trimmed the growth projection for 2009 to 1.8% from 2%. The Ministry stated that the cyclical upswing in the Finnish economy has peaked and the economic growth is rapidly decelerating. The ministry expects the inflation to gradually slow during the course of next year in the latest report. The inflation forecast for 2008 was hiked to 4.1% from 4%, while outlook for 2009 was raised to 2.8% from 2.7%.

The Finnish consumer confidence indicator rose to 8.7 in August from 6.5 in July, the Statistics Finland reported. Confidence among consumers continued to be weaker compared to the year-ago period and its long-term average. A year ago, the indicator stood at 20.3.

The Confederation of Finnish Industries EK announced that the country’s manufacturing confidence indicator declined to minus 8 points in August from a revised minus 4 points in July. Initially, the July reading was reported as minus 5.

Rest of Europe

The Czech Statistical Office announced that the average gross monthly nominal wage increased 8% year-over-year to reach CZK23,182 in second quarter. At the same time, the real wage grew 1.1% annually in the second quarter, while the consumer price inflation was 6.8%. The Czech statistical office also announced that the country’s business confidence indicator fell to 98.9 points in August from 100.3 points recorded in the prior month.In August, the consumer confidence stood at 98.3 points, rising from the 96.7 points seen in July.

The Statistics Iceland said in its report that the Consumer Price Index or CPI rose 14.5% year-on-year in August, faster than the 13.6% rise recorded in July. Economists had expected the rate of inflation to climb to 14.6% for August. The August inflation rate is the highest since the 15.5% recorded in July 1990.

Sweden’s National Institute of Economic Research, or NIER, said in a report that the economy is moving towards a “contractionary phase” due to the rapid economic slowdown in the OECD area and weak domestic demand. The economic think-tank now projects the Swedish economy to grow 1.7% in 2008 in actual terms. This is down from 2.4% growth reported in June. Further, the growth outlook for 2009 is reduced to 1.4% from an earlier projection of 2%. In 2010, the economy is expected to grow at a faster pace of 3.3%, slightly up from an initial estimate of 3.2%.

Separately, the NIER said reported that Sweden’s Economic Tendency Indicator fell to 85.5 in August, marking its lowest level since July 2003. In July, the indicator stood at 88.5. Meanwhile, the consumer confidence indicator rose to minus 16.5 in August from minus 18.2 recorded in July.

The Swedish jobless rate rose to 6.8% in the second quarter, the latest Labor Force Survey report from Statistics Sweden showed. In the first quarter, the jobless rate had stood at 6.3%. Meanwhile, the number of unemployed persons in the 15-74 age group totaled to 339,000, up from 302,000 reported for the first quarter.

A report published by the Switzerland’s Swissmem said sales in the mechanical engineering, electrical and metal industry continued to grow in the first half of the year. This came despite a difficult economic situation and increased commodity and energy prices. The industry body said a slowdown in demand will most likely lead to stagnating growth. Despite this, companies remain cautiously optimistic about the next 12 months. Swissmem members expect growth stimuli to come largely from Eastern European or Asian markets.

The results of the Labor Force Survey announced by Statistics Norway showed that the jobless rate rose to 2.6% in the period between May to July from 2.4% seen in the previous three-month period ending April. Economists were looking for a rate of 2.5%. The Statistics Norway also announced that country’s construction output increased 1% on a seasonally adjusted basis in the second quarter, after rising 0.5% in the previous quarter. The increase in output was largely due to the building activity.

In central bank news, the Polish central bank left its key interest rate unchanged for a second straight month. The National Bank of Poland maintained the reference rate at 6%. The decision was in line with expectations. In June, the central bank had hiked interest rates by 25 basis points.

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