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Economic News Daily – Wednesday 15/06/2022

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CHINA

May retail sales of consumer goods in China fell  by 6.7% compared to the same time last year to reach 3,354.7 billion yuan, the country’s National Bureau of Statistics (NBS) reported on Wednesday. Retail sales were estimated to have declined by 7.1% in May from a year ago, according to the Reuters poll

China’s National Bureau of Statistics said in a statement that the economy “showed a good momentum of recovery” in May. “However, we must be aware that the international environment is to be even more complicated and grim, and the domestic economy is still facing difficulties and challenges for recovery,” the bureau said.

POLAND

The annual inflation rate in Poland rose to 13.9% in May from 12.4% in April, the highest since October of 1997 and in line with preliminary estimates. Main upward pressure came from transportation, housing and utilities, and food and non-alcoholic beverages, amid surging energy and grain prices, preliminary data from Statistics Poland showed on Wednesday.

FINLAND

The Finnish economy grew by 0.2% qoq in Q1 of 2022, compared with the flash figure of a 0.4% gain, data from Statistics Finland showed on Wednesday. This was the softest expansion in a year, amid global uncertainty stemming from the Ukraine war, persistent supply bottleneck and surging inflation.

S. KOREA

The  unemployment rate stood at 2.8% in May, ticking higher, data from Statistics Korea showed on Wednesday but remaining near a historical low of 2.7% logged in the previous three months, as the job market holds up well in the face of surging inflation and rising interest rates.

EUROZONE

The first estimate for euro area exports of goods to the rest of the world in April 2022 was €223.9 billion, an
increase of 12.6% compared with April 2021 (€198.8 bn), Eurostat data showed on Wednesday. Imports from the rest of the world stood at €256.4 bn, a rise of 39.4% compared with April 2021 (€183.9 bn), driven again, in particular, by a further increase in energy imports (+164.4% compared with the same month in the previous year). As a result, the euro area recorded a €32.4 bn deficit in trade in goods with the rest of the world in April 2022, compared with a surplus of €14.9 bn in April 2021. Intra-euro area trade rose to €212.1 bn in April 2022, up by 20.8% compared with April 2021.