The survey, based on figures pertaining to November last year, points to a "sharp slowdown" in the European Union, Asia, the United States and large emerging economies. The survey includes the 30 OECD member countries and five other important economies that are not part of the group, among them the so-called BRIC countries – Brazil, Russia, India and China.
The OECD index, which consists of an average of different economic indicators, revolves around 100. The OECD rates as expanding economies those that have rising indexes and above 100.
Economies with indexes above 100, but showing a trend of decreasing activity, are considered to be in decline. Countries with indicators below 100, but rising, are rated as in recovery. In turn, those with indexes below 100 and retracting economies are defined as in slowdown.
Brazil is the only country that maintained a rating above 100 throughout the second half of 2008. In November, the OECD index stood at 101.2 points, as against 102.3 in October, 103.2 in September, 103.9 in August and 104.1 in July.
Russia was the worst performing country in November. At 89.8 points, its index was slightly higher than China's, but represents a decrease of 13.8 points in comparison with the same period of last year.
As was the case in nearly every country, the slowdown has intensified since July. In China, the index was 88.5 – 12.9 points below the average of economic indicators as of November 2007. In India, the slowdown in November stood at 7.6 points compared with the same period of the previous year.
All of the large world economies also recorded "sharp slowdown" rates, with indexes below 100 since July.
The world's largest economy, the United States recorded an index of 92.2 points in November, representing reduction of 8.7 points compared with November 2007.
In Japan, which has the world's second highest Gross Domestic Product (GDP), the decrease was of 5.5 points in comparison with the same period of the previous year, and the index in November was 93.7 points. In Germany, the third in the global ranking, the OECD index stood at 91.6 points – a decrease of 10.7 points.
The outlook was not too good in the Eurozone countries. The reduction compared with November 2007 stood at 7.6 points, with an index of 94.3 points. Considering the five leading Asian economies (China, India, Japan, Indonesia and Korea), economic activity decreased by 9.5 points, earning an index of 91.6 points.
In turn, the OECD member countries recorded a slowdown of 7.3 points in comparison with November 2007, having recorded a combined index of 93.8 points.
Export Record
The Brazilian state-controlled oil and gas multinational Petrobras attained record high exports of oil produced in Brazil in December. Sales during the month totaled 19.2 million barrels of oil, i.e., an average of 620,000 barrels a day, 46,000 more than the previous record high, of 574,000 barrels a day, attained in October 2008.
According to the company, 63% of exports were destined to the United States. Another 21.4% went to Europe, 5.4% to South America, 5% to Asia and 5% to the Caribbean.
Exports in December generated revenues of US$ 574 million, to be collected in January and February this year.
ABr