Surge in Swiss GDP, South Korean Retail Sales Slump

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Surge in Swiss GDP, South Korean Retail Sales Slump
Surge in Swiss GDP, South Korean Retail Sales Slump

The gross domestic product or GDP of Switzerland saw an unexpected surge in the last quarter. According to the official data revealed on Thursday by Federal Statistical Office, Swiss GDP went up by 0.2 % based on seasonally adjusted annual rate. It reached a higher level since the last quarter, when it was 0.6 %. The rise was more than the expected GDP as per the analysts, who thought would to drop by -0.3 % in this quarter.

On the other hand, the official data released by Korea National Statistical Office revealed that the retail sales in South Korea plummeted to SAAR -2.0 %. Last month’s retail sales in South Korea were better at 0.4 %, which was revised from the 1.1 % mark. The economic analysts had expected the retail sales to go up by 0.3 % from the preceding month’s level. The official data of South Korea that was released on Wednesday had reported a hike in the industrial production to the seasonally adjusted annual rate of 7.3 %. The South Korean industrial production last month was -0.5 %, which was lower than its last surge of 0.8 %.

The industrial production in Thailand registered a dip from last month’s 23.4 %. As per the report of Office of Industrial Economics Thailand showed on Thursday, the industrial production dropped to a seasonally adjusted annual rate of 10.1 %, which was lower than the estimated 11.7 % drop last month.
The Ministry of Land, Infrastructure and Transport in Japan also released the data for Japanese Housing Starts on Thursday. The figures showed that the housing starts slumped to 5.0 %, which is a huge drop from last quarter’s 10.0 % mark. Financial analysts believed that the housing starts would drop to 8.3 % in the last quarter, however, it fell much lower than the estimated rate.

Australia had some positive data on Thursday, as the Reserve Bank of Australia reported that Australian Private Sector Credit rallied to a seasonally adjusted annual rate of 0.2 %. The data for last month was 0.4 %, and experts had estimated the figure to go up by 0.3 % last month. Australian private new capital expenditure slumped to -1.2 %, lower than the 1.1 % in last quarter.