Oxford Economic Country Briefings, March 13th, 2007
Highlights and Key Issues * Growth in 2006Q4 was revised sharply lower, from an initially reported annual rate of 3.5% to just 2.2%. Most of the downward revision was in stockbuilding and, to the extent that this brought stocks into better alignment with demand, this may be a positive factor for the economy going forward. However, there were downward revisions to other GDP components as well, and while our forecast still calls for moderate growth, the risks of growth coming in weaker than expected have risen. * Worrisome features of the economic landscape include the weakness in the housing ...
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