world economic news

Economic News Daily – Thursday 12/05/2022

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PHILIPPINES

The Philippine GDP increased by 8.3% year-on-year in Q1 2022, topping market consensus of 6.6%, as the relaxation of pandemic restrictions boosted a broad-based recovery, data published by the Philippine Statistics Authority showed Thursday.

UK

The British economy expanded 8.7% year-on-year in Q1 2022, above 6.6% in Q4 but slightly below forecasts of 9%, data released by the Office for National Statistics showed on Thursday. The services sector expanded 9.9%, production 2% and construction 7.4%. A slowdown is expected in the coming months as rising inflation hurts consumers’ purchasing power.

USA

First-time claims for U.S. unemployment benefits crept up to 203,000 in the week ended May 7th, an increase of 1,000 from the previous week’s revised level of 202,000, the Labor Department said on Thursday.

JAPAN

Japan’s  current account surplus stood at 2,549.3 billion yen in March, the Ministry of Finance said on Thursday – up 2.8% on year. That beat forecasts for a surplus of 1,752.3 billion yen and was up from 1,648.3 billion yen in February.

AUSTRALIA

The seasonally adjusted estimate for total dwellings approved in Australia dropped by 18.5% month-over-month to 15,183 units in March 2022, the Australian Bureau of Statistics said on Thursday – coming in at 15,183. That was in line with expectations following the 42.0 percent surge in February.