The year will end with confirmation that housing markets in both the US and UK have recovered more strongly than expected.
The Nationwide's survey is expected to show that house prices here rose by around 5 per cent during 2009, and have risen by almost 9 per cent since February's low, belying forecasts at the start of the year that prices would be flat at best. However, much of the rise reflects a shortage of supply - and perhaps a bias in the indices - and it's unclear whether it can continue into 2010.
In the US, meanwhile, the S&P/Case-Shiller index, released on Tuesday 29, is expected to show that house prices are almost 5 per cent up from their spring trough - albeit that they are almost 9 per cent down on a year ago. And figures from the Census Bureau and National Association of Realtors should confirm that sales of both new and existing houses have risen by around 30 per cent since their low-points in January of this year.
It's not just housing markets that are recovering, though. There'll be evidence in the next couple of weeks from around the world that industrial production is picking up. In the euro zone, new industrial orders could post a seventh successive monthly increase, and be up by around 12 per cent since April - albeit that they'll still be 10 per cent down on a year ago. In Japan, preliminary figures could show that industrial production has risen by 25 per cent since February's low - though it's still around 6.5 per cent below last November's levels. And in the US, Census Bureau figures are expected to show that durable goods orders have risen by around 6 per cent from March's low.
However, none of this means that the credit crunch is entirely over. A Bank of England survey on new year's eve is likely to show that although banks have made credit more available, their lending standards are still tighter than two years ago.
One effect of this will be evident in next Tuesday's GDP figures. These are likely to show that households' financial balance - the gap between savings and investment, most of which is in housing - has swung from deficit to surplus over the last year, and that non-financial companies are also saving more than they are investing. The counterpart to this is that the government is borrowing heavily; across the entire economy, which includes net lending by foreigners, lending must equal borrowing.
It's not just in the UK that the credit crunch is still with us. Figures from the European Central Bank, released on Wednesday 30, could show that bank lending is lower now than a year ago.
Watch out too for the latest estimate of US GDP, released on Tuesday 22. These numbers could confirm than financial companies profits have trebled this year, whilst non-financial firms' profits are well down on a year ago.
