09 November 2010

Things are getting better.....Really?

Let slook at the property market in the UK, always a good guide for the health of the economy.
What does the RICS tell us:

Royal Institution of Chartered Surveyors will release data for housing survey for the month of October. House prices in England and Wales suffered their sharpest fall last month since May 2009. The RICS house price index dropped to -36 in the three months to September from -32 in the three months to August. RICS spokesperson Ian Perry said: "The fresh influx of property to the market combined with a lack of buyers remains the key problem affecting the sector.”
The Royal Institution of Chartered Surveyors' survey is expected to show a further weakening in house prices, in line with other recent data suggest-ing the housing market is continuing to weaken fast after a modest recovery last year.

Not good is it...

Step forward Ukraine...According to Ukraine Prime Minister Azarov:

VIENNA, Nov 8 (Reuters) - After a terrible 2009, Ukraine's economy will grow five percent in 2010, higher than earlier government predictions, and then another five to ten percent next year, the prime minister said in an interview on Nov. 8.

"The growth in gross domestic product will be about five percent this year. Next year the minimal growth we see is five percent. At maximum, we'd get to around 10 percent," Mykola Azarov told Reuters in an interview during a visit to Vienna.

Really? Ukraine's economy will grow by 5% in 2010.?

I hate being a negative person put right now all the evidence points in another direction about Ukraines economy. Each week I meet bankers, lawyers, accountants, and many people involved in 'making things'. I have yet to meet one of these people who can tell me that the economy is looking good for them. I heard one banker quote this last week:
"The sector (banking) is on a life support machine and very soon it will flat line"

Draw your own conclusions

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