world economic news

Economic News Daily – Thursday 02/06/2022

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SWITZERLAND

Annual inflation rate in Switzerland increased to 2.9% in May of 2022 from 2.5% in April, pointing to the highest level since September 2008, and above market forecasts of a 2.6 percent rise, mainly boosted by faster rises in prices of both housing and energy, the country’s Federal Statistical Office said in a report on Thursday.

NEW ZEALAND

New Zealand’s terms of trade improved 0.5 percent on quarter in the first three months of 2022, mostly in line with market expectations, Statistics New Zealand said on Thursday. Export prices rose 7.8 percent, accelerating from a 2.8 percent gain in the prior period, while import prices increased 7.2 after a 3.7 percent increase in the previous quarter.

TURKEY

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers’ Index remained unchanged at 49.2 in May, survey results from S&P Global showed on Wednesday. Both output and new orders were seen lower in May, largely due to low customer demand. At the same time, export orders slowed at the sharpest pace in two years, despite a plunging lira, with manufacturers citing the economic slowdown in Europe as the main reason.

HONG KONG

Hong Kong’s retail sales rose in April, ending two consecutive months of declines, figures from the Census and Statistics Department showed on Wednesday. The retail sales volume increased 8.1 percent year-on-year in April, after a 16.8 percent fall in March.

ROMANIA

In April 2022, industrial production prices for the total (domestic market and non-domestic market) were
down 1.9% from March 2022. Industrial production prices for the total (domestic market and non-domestic market) increased by 47.1% in April 2022 compared to April 2021, data from the National Institute of Statistics showed on Thursday.