Oil and US-driven recovery

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A strong recovery is finally under way, fuelled by the upturn in the US manufacturing sector and high oil prices. Growth prospects are expected to remain bright as domestic demand offsets the projected slowdown of foreign demand. Headline inflation has risen, mostly reflecting erratic factors, but core inflation has also turned up.
Faced with rising inflation expectations, the successive moves to tighten the monetary policy stance during 2004 have been appropriate. On the fiscal front, the 2004 budget target will be easily met, thanks to higher-than-projected oil revenues. The supportive revenue environment should continue to be used to consolidate public finances. A revenue enhancing tax reform is required to reduce the vulnerability of public finances to oil price changes.
Population (000s), 2003102 708
Area (000 sq km)1 996
GDP (Billion USD), 2003625.6
Life expectancy at birth (Women, Men), 2002 77.1, 72.1
Total labour force (000s), 200340 745
Government typeFederal Republic
Indicators% change unless otherwise indicated
GDP growth4.23.94.2
Consumer price index4.64.53.4
Short-term interest rate (%)
Unemployment rate (%)
Current account balance (% GDP)-1.4-1.5-1.9
Source: OECD© OECD Observer No 245, November 2004

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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