world economic news

Economic News Daily – Friday 27/05/2022

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SPAIN

Retail sales increased by 1.5 per cent year-on-year, reversing March’s 4.1 percent decrease in March, data from the statistical office INE revealed on Friday. Sales were forecast to drop 1.9 percent. Compared to the previous month, retail sales rose by 5.3 percent, the most in five months, following an upwardly revised 4.3 percent decrease in March.

CHINA

In April, profits at China’s industrial firms shrank 8.5% from a year earlier, swinging from a 12.2% gain in March, as lockdowns disrupted production and higher raw material prices squeezed margins, data from the National Bureau of Statistics showed on Friday. This was the biggest fall since early 2020.

US

The US economy contracted an annualized 1.5% on quarter in the first quarter of 2022, slightly worse than initial estimates of a 1.4% decline, with the biggest drag coming from trade, according to revised data released by the Commerce Department on Thursday. Imports surged more than initially anticipated (18.3% vs 17.7% in the advance estimate), led by nonfood and nonautomotive consumer goods and exports dropped slightly less (-5.4% vs -5.9%), mainly due to nondurable goods.

ITALY

Italy’s consumer confidence index rose to 102.7 in May, recovering slightly from a 17-month low of 100 in April and beating market forecasts of 100.5. Among components, the economic climate subindex strengthened notably to 103.6 in May from 97.3 in April. The index measuring the current climate rose from 100.8 to 104.6 and that for future situation improved to 99.8 from 98.9.