ewart s williams : launch of the economic bulletin and the summary of economic indicators opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the launch of the economic bulletin and the summary of economic indicators, port - of - spain, 3 august 2010. * * * the international economy 1. more evidence that the us economy is slowing … second quarter growth was 2. 4 per cent compared with 3. 7 per cent and 5. 0 per cent in two previous quarters. 2. in the eurozone, the first quarter of the year has seen a slow tepid recovery with real gdp estimated to have increased by 0. 2 per cent. the situation is similar in the uk with data showing growth of 0. 3 per cent in the first quarter and 1. 1 per cent in the second. 3. meanwhile growth in the emerging market economies continue apace … in china, growth is pushing ahead at a rate of 10. 3 per cent : 8 per cent in india : 9 per cent in brazil : 4 per cent in mexico. 4. for 2010 as a whole, the imf projects that : ( i ) the advanced economies ( us, uk etc ) will grow by 2. 6 per cent while the emerging market economies are projected to grow at a rate of 6. 8 per cent. ( ii ) it ’ s worth noting that growth in the advanced economies continues to depend on fiscal stimulus, as private demand has not recovered, even in the face of record - low interest rates. this has resulted in a sharp rise in central government indebtedness which now stands at 66 per cent of gdp in the us, 72 per cent of gdp in the uk and 122 per cent of gdp in japan. ( iii ) additionally, the continued sluggishness of private sector demand has delayed job creation leaving unemployment rates at uncomfortable highs. in the us, the unemployment rate has remained at 9. 5 per cent in june ( down from the high of 10 per cent ). in the eurozone, unemployment remains stuck at 10 per cent ( there has been some fall in germany from a high of 8. 3 per cent to 7. 6 per cent ). 5. in the caricom region, there are tentative signs of a slow emergence from a deep recession : in barbados, the economy contracted by 1. 1 per cent in the first half of 2010, but this compared with a contraction of 9 per cent in the corresponding period of 2009

the previous survey are underlined ) : argentina, australia, austria, bahrain, belgium, brazil, canada, chile, china, the czech republic, denmark, finland, france, germany, greece, hong kong, hungary, india, indonesia, ireland, italy, japan, korea, luxembourg, malaysia, mexico, netherlands, new zealand, norway, the philippines, poland, portugal, russia, saudi arabia, singapore, south africa, spain, sweden, switzerland, taiwan, thailand, the united kingdom, and the united states. foreign exchange brokers are to report only foreign exchange transactions ( including cross - currency swaps and fx options ), and securities companies are to report only derivatives activities. classification of transactions : foreign exchange activities : spot, outright forwards, foreign exchange swaps derivatives activities : interest rate - related derivatives : forward rate agreements ( fras ), interest rate swaps ( ir swaps ), interest rate options ( ir options ) foreign exchange - related derivatives : cross - currency swaps, foreign exchange options ( fx options ) – 5 – two reporting institutions in japan. meanwhile, double - counting of cross - border transactions between two reporting institutions will be adjusted by the bis. thus, a simple aggregation of the results of all participating countries and regions will not be equivalent to the global statistics released by the bis. * * * regular derivatives market statistics in japan ( yoshikuni statistics ) ( end - june 1998 ) outline of survey the central banks of the g - 10 countries11 and the bank for international settlements ( bis ) have combined efforts to introduce new global derivatives market statistics based on the “ proposals for improving global derivatives market statistics ( yoshikuni report ) ” published by the bis in july 1996. the data were first collected at end - june 1998. in this paper, the bank of japan releases the results of this first regular derivatives market statistics pertaining to japan. 12 the bis will later publish the global results of outstanding derivatives positions of the reporting institutions. the aim of the bis in implementing a survey on global derivatives markets is to increase market transparency and to facilitate monitoring by central banks of these markets in regard to the macroeconomic and macroprudential concerns through two reporting frameworks, the first being semiannual statistics on derivatives outstanding covering only primary dealers, and the second being triennial statistics on derivatives turnover and outstanding covering a wider range of dealers. this first release of the regular derivatives market statistics corresponds to the first, while the april 1995 central bank survey of