Wall Street Journal (August 13)
“The U.K. recorded a steeper second-quarter contraction than its peers, suffering the worst economic hit from the coronavirus in Europe as well as reporting the highest death toll there.” Great Britain’s GDP “shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%,…. In the same period, U.S. and German output declined by around 10%, while Italy lost 12%, France 14% and Spain 19%.”
Tags: Contraction, Coronavirus, Death toll, Economic hit, Europe, France, GDP, Germany, Italy, Output, Peers, Suffering, U.K., U.S.
Reuters (September 16)
“The last thing the slowing world economy needs is a big and unexpected disruption in oil output.” The drone attacks “took out roughly half of Saudi Arabia’s crude output appear to fit that bill. But even fragile global growth can probably withstand this first cut.” However, if “sustained disruptions to Middle Eastern oil supply–or anything that heightens the risk of them–will buoy crude. That will deliver the deepest cut to growth.”
Tags: Crude, Crude output, Disruption, Drone attacks, Economy, Fragile, Growth, Middle East, Oil, Output, Risk, Saudi Arabia, Supply, Unexpected
The Economist (June 29)
The “metropolis of money, known as the City, generates £120bn ($152bn) of output a year—as much as Germany’s car industry.” Increasingly, Brexit appears to threaten an outcome that “would make the eu poorer and damage London’s position.” In addition, the end result could “change the workings of the global financial system.”
Tags: Brexit, Car industry, Damage, EU, Financial system, Germany, London, Metropolis, Money, Outcome, Output, Poorer, The City
Time (September 13)
“The United States may have reclaimed the title of the world’s biggest oil producer sooner than expected.” Based on preliminary estimates from the Energy Information Administration, the U.S. probably surpassed Russia this summer “after jumping over Saudi Arabia earlier this year. If those estimates are right, it would mark the first time since 1973 that the U.S. has led the world in output.”
Tags: 1973, Energy, Oil producer, Output, Preliminary estimates, Russia, Saudi Arabia, U.S.
Time (June 28)
Women currently “account for 22% of the Saudi workforce, according to government statistics. Bin Salman’s goal is to get that figure up to 30% by 2030. Not only will having women behind the wheel improve participation in the workforce, it will help the economy. According to Bloomberg, the lifting of the ban could add as much as $90 billion to economic output by 2030.”
Tags: Ban, Driving, Economy, MBS, Output, Participation, Saudi Arabia, Women, Workforce
Reuters (March 27)
Oil prices are holding firm, “supported by concerns that tensions in the Middle East could lead to supply disruptions, although further rises expected in U.S. crude output loomed over markets.”
Tags: Crude, Firm, Middle East, Oil, Output, Prices, Supply disruptions, Tensions, U.S.
The Times (January 11)
Driven by the cheap pound, UK factory growth hit a seven-year high. “Factories are growing at the fastest pace in almost seven years after a solid three months to November that beat all forecasts and put Britain on track to start 2018 on a firm footing.” Still, the manufacturing sector “accounts for only a tenth of output in Britain, with four fifths generated by services.”
Financial Times (February 18)
The conditional deal between Saudi Arabia and Russia delivered “maximum rhetorical impact for the minimum genuine commitment.” Ultimately, it “will not take a single barrel of oil off the market to ease the glut that has driven crude prices down about 70 per cent since the summer of 2014.” The deal reveals “nervousness among the world’s two largest oil producers. But the fact that Saudi Arabia is not already cutting its output, in spite of mounting signs of financial strain, shows that while its strategy might be painful, it is still rational.”
Tags: Deal, Financial strain, Glut, Market, Oil, Output, Producers, Rational, Russia, Saudi Arabia, Strategy
Bloomberg (September 28)
“Something a little worrying has happened to the global economy: Trade is slowing down…. Trade has stopped growing as a percentage of output, the way it had in the past. A few years isn’t necessarily enough to establish a trend, but the slowdown in trade is unprecedented in the postwar era.”
Tags: Global economy, Output, Postwar era, Slowdown, Trade, Trend, Unprecedented, Worrying
Financial Times (August 11)
Fears are growing of a meltdown in the aluminum market as Chinese output soars and, much like the oil market, supply outstrips demand. “China now accounts for more than half of global supply, up from 18 per cent in 2003 thanks to cheap power and the world’s most efficiently built smelters. Established producers from North America to Russia and the Middle East—facing the lowest prices since the financial crisis, reduced margins and profits—are anxious but do not want to cut capacity for fear of losing market share.”
Tags: Aluminum, Capacity, China, Fears, Margins, Market share, Meltdown, Middle East, North America, Oil, Output, Profits, Russia, Smelters
