Economic News, US Economic News, Global Economic News, Economic Calendar

Mexican economic growth moderated in the fourth quarter after accelerating in the previous two quarters, largely led by a deceleration in the growth of the tertiary sector, preliminary data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday. Gross domestic product advanced an unadjusted 3.5 percent year-over-year in the December quarter. Read more...

Portugal GDP Growth Eases On Lower Domestic Demand; Inflation Slows Further

Portugal's economic growth moderated for the third straight quarter in the three months ended December amid a deceleration in the growth of domestic demand due to a decrease in private consumption and investment, flash data from Statistics Portugal showed on Tuesday. Separate official data revealed that consumer price inflation eased for the third consecutive month in January. Read more...

Eurozone Economy Avoids Contraction In Q4

Euro area narrowly escaped a shrinkage in the fourth quarter, but the growth remained modest on weaker consumer spending amid high inflation. Gross domestic product grew 0.1 percent sequentially after rising 0.3 percent in the third quarter, preliminary flash estimates from Eurostat showed on Tuesday. Economists had forecast the single currency bloc to shrink 0.1 percent. Read more...

U.S. / CANADA

IMF Raises Global Growth Forecast On China Reopening

Despite the global fight against inflation and the war in Ukraine, the International Monetary Fund upgraded its world economic growth projections as the full reopening of China is set to safeguard the recovery. The global growth outlook for 2023 was revised up by 0.2 percentage points to 2.9 percent, the IMF said in its World Economic Outlook Update, released Tuesday. Read more...

IMF Lifts Global Growth Outlook

The International Monetary Fund upgraded its global growth outlook for this year as the recent reopening of China is set to safeguard the recovery despite the rise in central bank rates to fight inflation in most advanced economies. The global growth outlook for 2023 was revised up by 0.2 percentage... Read more...

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In January

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved by slightly more than initially estimated in the month of January. The report showed the consumer sentiment index for January was upwardly revised to 64.9 from the preliminary reading of 64.6. Economists had expected the index to be unrevised. Read more...

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EUROPE

Italy's First GDP Contraction In Nearly 2 Years Sparks Recession Worries

Italian economy shrank marginally in the fourth quarter of 2022 after expanding in the previous seven quarters, led by weaker domestic demand and lackluster industrial and farm sector performance, preliminary data from the statistical office ISTAT showed on Tuesday, triggering fears of a mild recession. Gross domestic product shrank 0.3 percent sequentially in the December quarter. Read more...

UK Mortgage Approvals At 31-Month Low

UK mortgage approvals declined to the lowest level in more than two years in December as the cost of living crisis and the rising interest rate took its toll on the property market. The number of mortgages approved for house purchases fell to 35,600 in December from 46,200 in November, data from the Bank of England revealed Tuesday. Read more...

German Unemployment Steady At 5.5%

Germany's unemployment rate remained unchanged at a low level at the start of the year despite the economy showing signs of a recession, official data revealed on Tuesday. The unemployment rate held steady at 5.5 percent in January, the Federal Labor Agency reported. The rate also matched economists' expectations. Read more...

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ASIA

Taiwan Exports Orders Fall 23.2%

Taiwan's export orders declined at a slower-than-expected rate at the end of the year, data from the Ministry of Economic Affairs showed on Tuesday. Export orders fell sharply by 23.2 percent year-on-year in December. Economists had expected a decline of 25.4 percent. Bookings for optical, photographic,... Read more...

Philippines Producer Price Inflation Slows To 5.1%

The Philippines' producer price inflation eased to the lowest in ten months and prices grew in 2022 after a fall in the previous year, data from the Philippine Statistics Authority showed on Tuesday. The producer price index increased 5.1 percent year-on-year in December, following a 6.2 percent growth... Read more...

Japan Housing Starts Fall 1.7%, Consumer Confidence At 5-Month High

Japan's housing starts decreased for the third straight month in December, defying economists' forecast for a recovery, data from the Ministry of Land, Infrastructure, Transport and Tourism showed on Tuesday. Separate official data showed that the consumer confidence index rose to a 5-month high at... Read more...

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GLOBAL ECONOMICS

France Inflation Accelerates To 6.0%

Inflationary pressures in the French economy continued unabated at the start of the year as consumer price inflation and the EU harmonized rate accelerated in January and producer price growth remained strong, even as the economy narrowly escaped a recession in the fourth quarter, thus validating the tightening stance of the European Central Bank that is set to hike rates further this week. Read more...

Eurozone GDP Unexpectedly Expands In Q4

The euro area economy posted an unexpected expansion in the fourth quarter, preliminary flash estimates released by Eurostat showed on Tuesday. Gross domestic product grew 0.1 percent sequentially after rising 0.3 percent in the third quarter. Economists had forecast the currency bloc to shrink 0.1... Read more...

Czech Economy Enters Recession In Q4 With 0.3% Contraction

The Czech Republic's economic output contracted for the second straight quarter in the three months ended December, largely due to lower household consumption, thus entering a technical recession, preliminary estimates from the statistical office showed on Tuesday. Gross domestic product decreased 0.3 percent sequentially in the fourth quarter, following a 0.2 percent fall in the third quarter. Read more...

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Tuesday ,Jan.31