Euro-Area Confidence Rises Despite Deflation in Some Countries. Business Cycle Report of May 2014

Stefan Schiman

WIFO Bulletin, 2014, vol. 19, issue 6, 57-64

Abstract: Economic output stagnated in the USA in the first quarter of 2014, while the upturn continued in the UK, and economic activity gathered steam in Spain. The increase in the value added tax rate in Japan was preceded by extensive household purchases in anticipation of that increase. China's currency depreciated noticeably, and investors increasingly withdrew capital from Russia and Ukraine. In March, five euro-area countries registered a decline in the consumer price index, while tax increases pushed up prices in Austria. Production expectations for the coming months eased somewhat, and the reform of NoVA (duty on new car purchases) prompted consumers to bring forward car purchases. Winter tourism has been weak so far. Given the prevailing economic situation, the seasonally adjusted unemployment rate continued to rise in April, reaching a peak of 8.3 percent.

Date: 2014
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