Friday, September 29, 2006

Two Bits of Economic News

Some interesting macroeconomic news came out recently, so I thought I'd pass it along:
  1. India's economy grew at 8.9% last quarter. Wow. They can't keep that up forever, obviously, but the "Rule of 69" implies that they would double their national output in eight years at that rate!
  2. Nigeria and Venezuela announced that they will cut oil production by 200,000 barrels of oil/day. This sounds like a lot, but since world oil supply was 84 million barrels/day during the second quarter of 2006 (source: EIA Table: World Oil Balance), it amounts to only a 0.24% reduciton in world oil supply. So don't worry, this probably won't mean any big changes in gas prices.


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