GDP in Germany Shrinks by 0.7%, with US Data No Positive Either

Asia

In Japan, the Tokyo core CPI rose by only 0.2% YoY in January. In the previous month, the increase was still 0.5%. CPI Tokyo excluding food and energy contracted by 0.3%.

Europe

The largest economy in the EU, Germany has released GDP figures for the last quarter of 2021. According to this, the GDP in Q4 shrank by 0.7% QoQ. This is surprising as the figures from the last quarter still showed an increase of 1.7%. Compared to the previous year, GDP in Q4 increased by only 1.4%, which is far below expectations.

GDP figures from France also showed a slowdown in growth. In Q4, GDP increased by only 0.7% QoQ. In the last quarter, growth was still 3.1%. Looking at the year as a whole, though, the result is an increase of 5.4% YoY.
Consumer spending figures were less satisfactory, however. These increased by only 0.2% MoM, compared with 0.9% in the previous month.

Spain’s GDP also grew at a slower rate than in the previous quarter. In Q4, GDP grew by 2% QoQ. Last quarter, growth was still 2.6%.

The U.S.

Personal spending in the month of December contracted by 0.6%. In the previous month, they had increased by 0.4%. Meanwhile, Michigan consumer sentiment fell to 67.2 in January. Michigan consumer expectations likewise fell to 64.1 compared to 68.3 the previous month.
The PCE index for the month of December rose by 5.8% YoY. Core PCE rose 4.9% YoY.

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