Danmarks Nationalbank, Monetary Review 4th Q 2005

The Danmarks Nationalbank's Monetary Review for the Fourth Quarter 2005 notes that even though oil prices are very high, momentum in the global economy remains robust.

"Growth in global trade has stabilised - albeit at a lower level than in 2004 - and manufacturing industries in most countries indicate expansion, cf. Chart 1. The driving forces are still the USA and Asia, but euro area growth has also picked up. Higher energy prices have been reflected in an increased global rate of inflation

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