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13 Apr 2015
Chinese GDP in the limelight – Danske Bank
FXStreet (Edinburgh) - In light of the recent Chinese trade balance figures, Senior Analyst at Danske Bank Sverre Holbek remarked the relevance of the Q1 GDP figures due later on in the week.
Key Quotes
“Chinese trade data show sharp decline in exports. Following an extraordinarily strong reading in February (+48.3% y/y), data released this morning show that Chinese exports declined by 15.0% y/y in March (median estimate was for a 9.0% rise)”.
“This adds to downside pressure on the Chinese economy, which may struggle to reach its 7% growth target for the year; we expect that growth will ease to 7.0% y/y in Q1 from 7.3% y/y in Q4 14 and that there could be downside risk to this forecast”.
“Imports also slumped more than expected, declining 12.7% (consensus: -10.0%, previous: -20.5%)”.
Key Quotes
“Chinese trade data show sharp decline in exports. Following an extraordinarily strong reading in February (+48.3% y/y), data released this morning show that Chinese exports declined by 15.0% y/y in March (median estimate was for a 9.0% rise)”.
“This adds to downside pressure on the Chinese economy, which may struggle to reach its 7% growth target for the year; we expect that growth will ease to 7.0% y/y in Q1 from 7.3% y/y in Q4 14 and that there could be downside risk to this forecast”.
“Imports also slumped more than expected, declining 12.7% (consensus: -10.0%, previous: -20.5%)”.