- A computer error caused Canada to re-release its trade surplus numbers for November, as the original total of more than $7 billion (Canadian) was wrong. The real figure was $5.4 billion (Canadian), an increase of only $200 million from October. The U.S. has said it may need to re release GDP estimates because of Canada’s error.
- The Bank of Canada’s Monetary Policy Report Update indicated the Canadian economy is expected to operate a little further below its full production capacity in 2005 than was anticipated when the last report was issued in October. This expectation largely reflects the effects of the Canadian dollar rising in value. Growth is projected to gain just more than three percent in 2006, assuming the economy will return to production capacity in the second half of 2005 and core inflation can again be contained to two percent by the end of 2006.
- Brazil’s jobless rate rose 0.1 percent to 10.6 percent in November compared to the previous month, but remained unchanged from the same month in 2003.
- Restrained spending and increased tax revenue allowed Brazil to meet a budget target set by the International Monetary Fund. The budget surplus was 81.11 billion reais (more than $30 billion), easily besting the 71.5 billion reais target set by the IMF as part of a $40 billion loan given the company.
- Mexico’s foreign currency credit rating was raised by S&P in late January, a move that sent prices on the IPC stock market to all-time highs and helped the peso gain value. It is the second credit rating boost by a rating agency this year.
- Mexico’s annual GDP in 2004 grew 4.2 percent, according to preliminary estimates.
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