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A Look At Economic Developments Around The Globe

Production was up 2.9 percent on the month, the Economy Ministry said â¿¿ led by a 4.6 percent increase in output of so-called investment goods such as machinery, a mainstay of the German economy. The increase followed a 1 percent dip in September, revised down from an initial reading of 0.8 percent.

Exports, meanwhile, declined by 1.1 percent on the month in October, giving up some of the previous month's sharp 3 percent gain, the Federal Statistical Office said. Germany, the world's second-biggest exporter after China, exported goods and services worth euro86.8 billion ($115.7 billion).

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LONDON â¿¿ Iceland's central bank has cut its key interest rate by 1 percentage point to 4.5 percent, continuing the bank's gradual lowering of the seven-day collateral lending rate as Iceland recovers from the global financial crisis.

The rate peaked at 18 percent in October 2008, when the country's banking system collapsed under the strain of the worldwide credit squeeze.

Sedlabanki also lowered its deposit and overnight lending rates.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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