WPI weekly release discontinued
The Ministry of Commerce and Industry announced discontinuing releasing weekly primary and food inflation data based on the Wholesale Price Index, as the figures were not portraying the "holistic" picture of the price situation.

Economic growth revised down marginally to 8.4 % for 2010-11
from the earlier estimate of 8.5 per cent. A major source of growth in the GDP has been from the transport… sector growing at 14.7 percent and services sector at 9.3 per cent. Agriculture growth has also been impressive at 7.8 per cent during the year 2010-11 against a mere 0.7 per cent in 2009-10. Manufacturing sector growth has decelerated from 9.7 percent in 2009-10 to 7.6 percent in 2010-11.  Increase in per capita income at constant (2004-05) prices, after discounting for inflation, was about 6.4 per cent in 2010-11. It was Rs. 35,993 in 2010-11, as against Rs. 33,843 in the previous year.

April-December fiscal deficit at $77.2 bn
or Rs. 3.81 lakh crore at 92.3 percent of the full-year target. During the same period in the last fiscal year, fiscal deficit was 44.9 percent of the budgeted target. Net tax receipts were Rs. 4.2 lakh crore and total expenditure was Rs. 8.96 lakh crore during the April-December period.

April-December trade deficit at $133.3 billion
as imports rose 30.4% to $350.9 billion, mostly due to higher international oil prices, while exports grew 25.8% to $217.6 billion, leaving the country with a worrying trade deficit.

US data provides a promising start for 2012
US economy expanded at a 2.8% in Q4 up from the 1.8% annual rate recorded in the previous quarter. Real GDP increased 1.7 percent year on year in 2011, compared with an increase of 3.0 percent in 2010. The economy created 243,000 jobs in January; unemployment rate dropped to near three year low of 8.3%. ISM survey indicated that the US manufacturing sector expanded at its fastest pace in seven months in January, while the services index rose to 56.8 last month from a revised 53.0 in December, the highest level since February 2011. Recovery remains uncertain, confronted with a set of domestic and external headwinds, according to Fed Chairman.

Eurozone unemployment ends 2011 at record high of 10.4 percent
Countries at the front line of Europe’s current financial turmoil, such as Greece and Spain, are suffering record rates of unemployment. Spain’s unemployment stands at a staggering 22.9 percent and Greece’s is not far behind at 19.2 percent. In Spain unemployment among people aged under 25 is as high as 48.7 percent. Germany’s unemployment rate is at a post-unification low of 5.5 per cent.