Argentina:
GDP: + 8.5% in January
Consumer Prices: + 9.6% during latest 12 months through February (11.5% for the same period a year ago); February's low 0.3% was regarded with skepticism because of a change in the methodology.
Argentina remains number 2 in the South American inflation ranking, behind
Venezuela (#1) and ahead of
Uruguay (# 3 with 6.8%).
Industrial
Production: + 2.2% in January
Unemployment: 8.4% in December 2006
Trade Balance: + $12.0 bn for the latest 12 months through January
Government Budget Balance: + 1.1% of GDP (Consensus Forcast for 2007)
Currency Unit: Pesos 3.10 to US$1 as of March 7 (Pesos 3.08 to US$1 a year ago)
Steel
Production: 336,000 mt in January (412,000 mt a year ago)
Brazil:
GDP: a disappointing + 2.9% for 2006 (compared 2.3% in 2005 and + 3.8% in Q4 2006)
CPI: + 2.9% for the latest twelve months through February 15 (5.7% in January 2006), + 3.14% for 2006 and + 3.9% forecast for 2007
Industrial
Production: + 4.5% in January; automobile
production for February was 201,000 units, a decline of 2% over last year;
production of capital goods increased 18.4% in January.
Interest: In an attempt to trigger stronger economic growth, the Central Bank cut the benchmark lending rate yet again, to 12.75%.
Unemployment: 9.3% in January 2007
Trade Balance: $45.8 billion in February 2007 (latest 12 months through February)
Current Account Balance: + $14.2 billion in January (latest 12 months through January)
Government Budget Balance: -2.2% of GDP (Consensus Forecast for 2007)
Currency: Real 2.11 to US$1 as of March 7 (Real 2.17 to US$1 a year ago)
Steel
Production: 2.70 million mt in January (2.6 a year ago)
Chile:
GDP: + 4.6% in January
Consumer Prices: + 2.7% in February. Consumer confidence fell to an index of 52 in January, 2.1 points below December and 6.5% below February 2006.
Industrial
Production: + 3.7% in January
Interest: The overnight lending rate is expected to stay steady at 5%.
Unemployment: 6.1% in January
Trade balance: + $24.4 bn for the latest 12 months through February; overall exports increased 45% in 2006 even though exports of agricultural products grew by only 11%.
Government Budget Balance: + 4.3% of GDP (Consensus Forecast for 2007)
Currency: Pesos 537 to US$1 as of March 7 (Pesos 533 to US$1 a year ago)
Copper Price: $2.67 / lb for May delivery – 34% below the record price level of May 2006; overall, the copper price surged 41% in 2006.
Steel
Production: 140,000 mt (e) in January (139,000 mt a year ago)
Venezuela:
GDP: +11.8% in Q4
Consumer Prices: + 20.4% in February. Too much money is chasing an insufficient supply of goods. From January to November 2006, 109% of new Bolivars were injected into the economy, but neither domestic
production nor imports could follow this pace.
Industrial
Production: 12.2% in September 2006
Unemployment: 11.1% in January
Trade Balance: + $33.0 bn for the latest 12 months through Q4 2006; imports reached a new high of $32.2 billion in 2006; crude oil sales rose to $58.4 billion last year.
Current Account: + $27.2 bn for the latest 12 months through Q4 2006
Government Budget Balance: - 3.8% of GDP (Consensus Forecast for 2007)
Currency: Bolivar 3,798 to 1US$ as of March 7 (Bolivar 2,721 to US$1 a year ago)
Steel
Production: 430,000 mt (e) in January (426,000 a year ago). Measures to curb steel imports have gone into effect December 5, 2006. Foreign exchange has to be allocated and import licenses have to be issued. It takes the Commerce Department up to three months to issue import licenses. Consequently, steel inventories are dwindling alarmingly.