World Economic News - Page 3

SOUTH KOREA South Korea’s producer price index, or PPI, rose 6.0% year-on-year following a 6.2% increase in the previous month, preliminary figures from the Bank of Korea showed Friday. The rate was the lowest since April 2021, when it was at the same level. UK UK retail sales unexpectedly declined in December logging a monthly fall of 1.0% in contrast with November’s

JAPAN Japan’s trade deficit amounted to ¥1.45 trillion in December. In 2022 as a whole, the country recorded a trade deficit of ¥19.97 trillion, the largest since 1979. Exports increased 11.5% on a yearly basis, landing at ¥8.8 trillion in the last month of 2022, in comparison to the same month a year earlier. Meanwhile, imports were up 20.6% year-on-year, reaching ¥10.2

UK Annual inflation rate in the UK fell to 10.5% in December of 2022 from 10.7% in November, the Office for National Statistics reported on Wednesday. It marks a second consecutive month of slowing inflation and the lowest rate in three months, after a peak of 11.1% in October. JAPAN The Bank of Japan (BoJ) maintained its key short-term interest rate at -0.1%

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

US Swiss banking giant UBS Chief Economist for the United States Jonathan Pingle told The Australian Financial Review on Monday that the Fed’s economic plan to normalize economic conditions is impossible to achieve. “We were in the soft landing camp for most of last year, but the path to that unfolding has narrowed considerably with the data coming since September,” Pingle said.

EUROZONE The international trade deficit in goods in the Eurozone stood at €11.7 billion and improving drastically from November’s deficit of €26.5 billion, Eurostat revealed on Friday. The deficit in the entire European Union stood at €20.7 billion. UK United Kingdom’s trade deficit, excluding precious metals, narrowed by £6.5 billion to £20.2 billion in the three months to November 2022, the Office

EUROZONE The European Central Bank in its latest survey published on Thursday said that median expectations for inflation in the next 12 months fell from 5.4% to 5%, while three years ahead expectations went a bit more toward the target range at 2.9%. The unemployment rate was seen at about 12.4% in the next year. The growth of home prices was seen