world economic news

World Economic News – Wednesday 07/09/2022

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UK

House prices in the UK went up by 11.5% in August y-o-y, according to Halifax’s monthly House Price Index report published on Wednesday. On a monthly basis, housing prices in August rose by 0.4%, reaching a record average price of £294,260.

GERMANY

Industrial production in Germany was down by 0.3% in July m-o-m, Destatis revealed in its report published on Wednesday. Despite the decrease, the figure performed better than analysts projected. On an annual basis, production, adjusted for price and calendar variations, fell by 1.1%.

CHINA

China’s exports grew less than expected in August, figures published by the General Administration of Customs revealed on Wednesday. Exports increased 7.1 percent on a yearly basis in August. Economists had forecast the annual growth in shipments to ease to 12.8 percent from 18.0 percent in July.

RUSSIA

The Russian economy will likely mark quarterly growth at the end of 2022, while its gross domestic product (GDP) is now expected to decline by 2.9% this year and by 0.9% in 2023 after the country’s Ministry of Economic Development improved its forecast on Tuesday, the head of the ministry, Maxim Reshetnikov, told the press during the day.