As the U.S. economy approaches flat to negative growth, more attention is being focused on Asia and the Subcontinent. Japan, the largest economy in Asia, experienced third quarter GDP growth at an annualized 2.6 percent rate, which was an improvement from a 1.6 percent contraction in the second quarter. Consumer spending, which, alone, accounts for 55 percent of the GDP, increased .3 percent in the third quarter from the previous quarter. This statistic was surprising, given Japan´s weak retail sales environment. However, the housing sector has taken a downturn, with new investment in this sector falling 7.8 percent in the third quarter, which has impacted home textile sales.

Singapore continues to experience a "red hot" economy, with GDP growth in the third quarter posting 9.4 percent year-on-year gains, the 14th straight quarter of growth. The city-state manufacturing sector continues to show improvement.

Source: Globecot