Economic activity in the OECD area rears its head. The superscript calculated by the Paris-based international association did register in December an improvement of 0,2%. The data follows several negative months. In the press release, the OECD speaks of a "positive turn in the trend" for all advanced countries, mainly driven by performance of the United States and Japan, but with “similar signs starting to emerge” elsewhere as well. In the euro area, the Composite leading indicator (CLI) continues to settle below historical averages, with a drop of 0,1% in December, but here too the OECD sees "moderation of declines" and possible reversals of course for 7 countries .
In this picture Italy, however, remains the rear. In December, the super-index relating to our country recorded a monthly contraction of 0,4%, the heaviest in the OECD. On an annual basis, however, a real collapse was recorded: -8,6% for Italy against -2% for the OECD area and -5,7% for the Euro area. On Germany, the super-index recorded -0,3% on month and -7,5% on year, on France -0,1% on month and -5,3% on year.
Onall of the G7 countries, the Cli index recorded +0,3% on a month, according to OECD tables, and -1,7% on an annual basis. The United States make a monthly leap of 0,7%, while the annual figure stood at +0,6%, Japan respectively +0,2% on month and -0,2% on year. The picture of the variegated large emerging economies, which, although not part of the OECD, are nonetheless monitored. By far, the strongest monthly drop is that of China (-0,5%), while Brazil recorded -0,1% on the month, India +0,6% and Russia +0,2 %.
