world economic news

World Economic News – 17/01/2022

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CHINA

The gross domestic product (GDP) of China increased by 2.9% year-on-year in the last quarter of 2022, according to a preliminary report released by the country’s National Bureau of Statistics (NBS) on Tuesday. The GDP remained the same compared to the figure seen in the third quarter of the year, while the entire year GDP saw a 3% increase to stand at 121.0 billion yuan.

AUSTRALIA

The Westpac Melbourne Institute Index of Consumer Sentiment rose 5.0% to 84.3 in January from 80.3 in December, marking its biggest monthly rise since April 2021. The lift in confidence was because January was the first month since April last year that did not see an increase in the RBA cash rate, the survey revealed.

EUROZONE

Member of the European Central Bank (ECB) Governing Council and Bank of Spain Governor Pablo Hernandez de Cos told the Enrique Fuentes Quintana Conference Cycle on Monday that the former institution will continue to introduce “significant” raises of interest rates to combat inflation until it goes down to its target of 2%.

UK

The ILO jobless rate held steady at 3.7% in three months to November. Average earnings including bonuses grew 6.4% annually in three months to November, data from the Office for National Statistics revealed Tuesday.

CANADA

The Bank of Canada’s Board of Directors announced on Monday it has appointed economics professor Nicolas Vincent  as an external non-executive deputy governor for a two-year term. His position, set to take effect on March 13,