(RTTNews) - Monday, the start of the week saw some positive inflation data from the UK. Official data showed that UK factory gate prices recorded their largest monthly fall since 1986.

Eurozone

Germany’s manufacturing turnover in real terms declined a working-day adjusted 0.8% year-on-year in July compared with a revised 1.4% rise in June, a preliminary report by the Federal Statistical Office said. Domestic turnover declined 0.7%, while the revenue from foreign business fell 1%.

The German statistical office also revealed that production of raw steel increased 0.4% year-on-year to 3.98 million tonnes in August, up from 3.78 tonnes in July. During the previous month, production had declined 5.3%.

Further, the statistical agency reported that hourly labor costs in the industry and service sector increased calendar-adjusted 1.1% year-on-year in the second quarter, marking the same pace as in the year-ago period. In the first quarter, labor costs had risen 2.1%.

The Statistics Finland reported that Finland’s second quarter GDP rose 0.8% compared with the previous quarter. Year-over-year, the economy expanded 2.8%. On a seasonally adjusted basis, the annual growth was 2.4%.

The National Statistical Service of Greece said the Consumer Price Index or CPI increased 4.7% in August, slightly slower than the 4.9% rise seen in July. Meanwhile, the Harmonized Index for Consumer Prices or HICP grew 4.8% year-on-year in August compared with a 4.9% rise logged in July.

The Statistics Portugal revised its preliminary estimate for the second quarter gross domestic product, or GDP, citing weak contribution of domestic demand to the economic growth rate. According to the statistical office, the Portuguese economy grew 0.7% year-on-year in the second quarter, revised down from an earlier estimate of 0.9% growth, which was also the growth figure for the first quarter. On a quarterly basis, the economy grew 0.3% in the second quarter, after contracting 0.2% in the first quarter. The preliminary estimate for the second quarter sequential GDP growth was 0.4%.

The Statistical Service of the Republic of Cyprus announced that the Harmonized Index of Consumer Prices, or HICP increased 5.1% year-over-year in August, after rising 5.3% in July. The statistical agency also reported that the registered unemployment decreased by 1,082 persons, to reach 10,801 persons in August. In July, the jobless number was at 11,833.

Rest of Europe

Output prices in the UK showed the largest monthly fall since 1986 as the economic growth came to a standstill and fuel prices eased in August. Meanwhile, annual output price inflation slowed after hitting a record high in July. Reflecting decreases in petroleum and other manufactured product prices, the output price index slid 0.6% month-on-month in August after rising 0.5% in July, the Office for National Statistics reported. This was the sharpest monthly fall since records on the present classification began in 1986. Annual output price inflation for all manufactured products in August slowed to 9.7% from 10.3% in July. Economists were expecting the annual growth to slow to 10%.

Meanwhile, input price annual inflation was 26%, down from 29.3% reported in July. On a monthly basis, input prices dropped 3.6% in August, which was the biggest monthly fall since 1986. Input prices decreased by a seasonally adjusted 2% month-on-month, severe than the 1.4% decline in July and more than a 1.2% drop expected.

The Swiss unemployment rate ticked up in August, according to a report released by the Swiss Secretariat for Economic Affairs. The unemployment rate rose 0.1 percentage points to 2.4% from 2.3% in July. The number of unemployed increased by 1,876 to 94,039. However, the number of unemployed declined 6.7% year-over-year. The total registered job seekers fell 8.1%. The total number of registered job seekers declined 249 from the previous month to 143,549. While, annually, the number declined 8.1% or 12,685.

The Statistical Office of the Slovak Republic announced that industrial production rose 1.8% in July, with a 73.4% slump in mining and quarrying output limiting the gains. For the first seven months of the year, production of industry rose 6% from the same period last year. Slovak construction production climbed 9.1% in July compared with the year-ago period, according to a separate report released by the nation’s statistical body.

The Czech consumer price inflation slowed year-on-year to 6.5% in August from 6.9% in July, a report by the Czech Statistical Office said. Analysts expected it to rise 6.6%. On a monthly basis, the consumer price index fell 0.1%. The Harmonised index of consumer prices declined 0.3% month-on-month in August. On a yearly basis, the index slowed to 6.2% from 6.8% in July.

The Czech National Bank said in a report that the current account deficit accounted for CZK61 billion in the second quarter, reversing a surplus of CZK27 billion recorded in the first quarter. The net inflow of foreign capital on the financial account was CZK73 billion. The output surplus increased to 5.4% of gross domestic product.

Industrial production in Turkey rose 3.4%year-over-year in July compared with a 4.5% rise in the previous year, a report by the Turkish Statistical Institute or Turkstat said. Economists were looking for a rise of 2%.

The Hungarian Statistical Office reported trade deficit widened by 34 billion Hungarian Forint in July year-over-year to 63 billion Hungarian Forint. In terms of euros, the deficit deteriorated by 123 million euros. The euro value of exports rose by 8% compared to 10% growth in imports. For the January to July period, exports grew 12% in euro terms, faster than the 11% growth in imports.

The Statistics Denmark reported that Denmark’s current account surplus increased to 3.96 Bln Danish in July from 3.73 Bln Danish Krona in June. In July 2007, the surplus was 2.52 Bln Danish Krona. The increase was mainly due to a surplus in the goods and services account and an increase in the income account, which was partly offset by a negative balance in current transfers.

The Statistics Norway reported that Norway’s total gross debt in the twelve months ended June rose 13.7% compared to 14.7% in the previous month. The slower rate of growth reflects slackness in external loan debt and domestic debt. General public gross external debt increased 14.7% in the 12 months ended June to 714 Norwegian Krone, slower than the 17.7% in the 12-months ended May. The foreign debt also grew at a slower rate of 6% in the 12 months ended June.

The Norwegian statistical agency also announced that the country’s retail sales increased 6.8% year-over-year or NOK6.3 billion and totaled more than NOK99 billion in the January to April period. During March to April, retail sales grew 4.6% or NOK2.3 billion year-on-year. In the first two months of the year, the increase was 9%.

In Latvia, consumer prices rose 15.7% year-on-year in August, while they fell 0.4% over the month.

Estonia’s GDP fell by 1.1% year-on-year in real terms in the second quarter, according to a report by Statistics Estonia. Sequentially, the second quarter GDP declined by a seasonally and working-day adjusted 0.8% in real terms. The readings represented upward revisions from the flash estimates released in mid-August, which predicted a 1.4% annual decline and a 0.9% quarterly contraction.

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