Key developments in the world economy

US growth, in Q4 2012, was revised slightly upwards from -0.1% to +0.1%. Most final demand items benefited from a positive revision, while the negative contribution of inventories was, conversely, more pronounced than in the initial estimate: -1.6 percentage points of GDP versus - 1.3. The cyclical indicators sent contrasting messages. With regard to economic activity and companies, trends were favourable. The manufacturing ISM rebounded further in February, up to 54.2 from 53.1 and 50.2 (cf.