There are growing signs of economic recovery in the world's biggest economies, the OECD said on Friday on the basis of its index of leading indicators. The OECD said its Composite Leading Indicators for December "provide stronger signals of an expansionary economic outlook than (in November)."
The indicators for the Group of Seven countries plus emerging giants China, India, Russia and Brazil, "are now all close to, or above, their long term trends," it said in a statement. "In all these countries, industrial production - the underlying reference series for the (leading indicators) - has now reached its trough."
The CLI for the OECD's 30 member states rose 0.9 points in December compared with November and was 10.1 points higher than in December 2008, it said. For the United States, the CLI was up 0.9 points and 9.0 points, respectively, with the euro area gained 0.9 points and 12.2 points, and Japan 1.2 points and 8.1 points higher than a year ago.
For the BRIC states, which do not belong to the OECD, China was down 0.1 point in December but 9.4 points higher than a year earlier, India was unchanged and up 4.9 points, respectively, with Russia gaining 0.3 points and 14.2 points, and Brazil 0.1 and 13.8 points.