world economic news

Economic News Daily – Tuesday 19/04/2022

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US

Housing starts in the United States rose 0.3% at a seasonally adjusted annual rate of 1,793,000 in March after spiking by 6.5% to a revised rate of 1.788 million in February. On an annual basis, the figure increased by 3.9%, according to a US Census Bureau report released on Tuesday.

INDONESIA

The Bank of Indonesia kept its key 7-day reverse repurchase rate steady at a record low of 3.5% on Tuesday, as widely expected, to support the economic recovery, and lowered the growth forecast for this year amid high uncertainty in the global economy and trade. Looking ahead, the bank expects the balance of payments to remain favorable and the rupiah exchange rate to remain stable.

WORLD

The World Bank is reducing its world growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from the ongoing war in Ukraine World Bank President David Malpass said on Monday.

NEW ZEALAND

New Zealand’s services sector saw expansion in March, according to the BNZ – BusinessNZ Performance of Services Index (PSI) with a score of 51.6. That’s up from the upwardly revised 48.9 reading in February (originally 48.6).

PORTUGAL

Portugal’s producer price index increased 26.3% year-on-year in March, following a 20.9 percent rise in February, figures from Statistics Portugal showed on Tuesday. On a month-on-month basis, producer prices increased 6.2% in March, following a 2.7% rise in the prior month.