Global Economy Weekly Update 5th January – 19th January 2024

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Earlier this week, China released its Q4:2023 GDP figures. According to the data, Gross Domestic Product (GDP) grew 5.2% YoY in Q4:2023 (vs. 4.9% in Q3:2023). 

 

On a QoQ basis, however, GDP grew by 1.0% in Q4:2023, slowing from a revised 1.5% gain in the previous quarter. Elsewhere, in the UK, the Office of National Statistics released December 2023 Consumer Price Index (CPI) data.

 

Headline CPI rose by 4.0% YoY in December 2023, up from 3.9% YoY in November 2023, and the first time the rate has increased since February 2023. On a MoM basis, CPI rose by 0.4% in December 2023, the same rate as in December 2022. Core CPI (excluding energy, food, alcohol, and tobacco) rose by 5.1% YoY in December 2023, the same rate as in November 2023.

 

Finally, in the US, Retail sales rose 0.6% MoM in December 2023 after an unrevised 0.3% MoM gain in November 2023, according to the Commerce Department's Census Bureau. Retail Sales increased 5.6% on a YoY basis in December 2023.

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