Asia and the south pacific January 2007

India’s third quarter economy continued to grow at a blistering pace, increasing 14 percent from the third quarter in 2005.

Australia’s third quarter GDP rose 0.3 percent from Q2 and increased 2.2 percent year over-year. Its November unemployment rate remained unchanged at 4.6 percent compared to the previous month and fell 0.5 percent lower from November 2005.

Hong Kong’s September-to-November unemployment rate fell 0.1 percent to 4.4 percent compared to the previous three-month period and dropped 0.8 percent from the same period in 2005.

Japan’s October jobless rate decreased 0.1 percent to 4.1 percent compared to the previous month and fell 0.4 percent compared to October 2005.

The Bank of Indonesia continued to lower its benchmark BI reference rate, dropping it 50 basis points for the sixth straight month in December and putting the rate at 9.75 percent. The rate stood at 12.75 percent in January 2006, but the Bank cut rates seven times during the year.

In late November, The Bank of Israel lowered its benchmark short-term lending rate 0.25 percent to 5.0 percent. The drop was the second 25-basis point reduction in as many months, and it follows seven straight increases. After two increases and two decreases, Israel’s rate is the same as it was in March 2006.

In a move the country believes to be a step toward democracy, the United Arab Emirates held their first parliamentary elections in mid-December. Half of the Federal National Council was elected.