world economic news

Economic News Daily – Thursday 23/06/2022

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UK

The UK budget deficit exceeded the official estimate in May according to official data published on Thursday. Public sector net borrowing, excluding public sector banks, declined GBP 4.0 billion from the previous year to GBP 14.0 billion in May. Economists had forecast the deficit to fall to GBP 12 billion. “Rising inflation and increasing debt interest costs pose a challenge for the public finances, as they do for family budgets,” Finance minister Rishi Sunak said.

JAPAN

Japan’s Flash composite Purchasing Managers’ Index (PMI) stood at 53.2 in June, S&P Global announced in a preliminary report on Thursday. The Asian country’s services business activity index climbed from 52.6 in May to 54.2 in June, while its manufacturing output index declined from 51.5 the previous month to 51.0 in May.

GERMANY

IHS Markit Flash Germany Composite PMI Output Index stood at 51.3 in June, falling from 53.7 recorded in May and hitting the lowest level in six months, according to a preliminary report released by S&P Global on Thursday.

NORWAY

Norway’s unemployment rate inched down to 3.2 percent in April from 3.3 percent in January, the labor force survey data from Statistics Norway showed on Thursday. The number of unemployed persons fell to 93,000 in April from 98,000 in January, the agency said.