Real GDP contracted by -2.4% q/q in Q4 2018, confirming the (technical) recession we have long predicted. In addition, the figures for previous quarters were markedly revised downwards: to -1.6% q/q in Q3 (from -1.1%); +0.05% q/q in Q2 (previously +0.6%

As expected PM May lost again the vote on the “slightly revised” Brexit deal.

The French export performance surprised on the upside in January 2019 despite growth concerns in Germany and China.

One year ago, manufacturing activity in Emerging Markets (EM) open to trade was outperforming other EM, on the back of strong trade growth.

The economy added only +20k jobs in February, far short of the +180k expected.

Q4 GDP growth accelerated to +3.2% y/y from +2.6% in Q3. This took growth for all of 2018 to +3% (down from +4.4% in 2017) which was entirely driven by domestic demand, a shift from the broad-based performance in 2017.

Kenya is attracting more and more attention. 2018 growth figures are not fully out yet, but it seems that GDP grew by +6%, recovering from +4.9% in 2017.

USD-denominated exports dropped sharply by -20.7% y/y in February and imports contracted by -5.2%.