Composite leading indicators (CLIs) for February 2011, designed to anticipate turning points in economic activity relative to trend, continue pointing to expansion in most OECD countries.

CLIs continue pointing to robust expansion relative to trend in Germany and the United States and a possible regained momentum in France and Canada. The CLI for the United Kingdom points to a slow but stable pace of expansion. The CLI for Italy points to a loss of momentum in economic activity.

Because of the exceptional circumstances the country is facing, it is not possible to provide reliable estimates of the CLI for Japan at this stage.

The CLI for China points to a possible moderation in economic activity. For Brazil the CLI indicates that economic activity should remain near its long-term potential. The CLI for India continues pointing to a slowdown and the CLI for Russia continues pointing to expansion.

Expansion in the OECD area