Turkish exporters may have to sell more currency to central ban: Source

British growth falters in February; Malaysia’s industrial production up in February — Macro Snapshot

RIYADH: Britain’s economy slowed more sharply than expected in February, reflecting a hit to car production due to component shortages, disruption from the storm and reduced healthcare spending as households prepared to a stricter cut in the cost of living.

Monthly gross domestic product growth was just 0.1% in February from 0.8% in January, the Office for National Statistics said on Monday, below the 0.3% forecast by economists in a poll. Reuters.

“The news that the economy was barely growing in February … raises the risk of a contraction in GDP in the coming months as pressure on real household incomes intensifies,” Ruth said. Gregory, senior British economist at Capital Economics. .

Britain’s economy in February was 1.5% larger than it was two years earlier, just before the country was hit by the COVID-19 pandemic, the ONS said.

Malaysia’s industrial production

Malaysia’s industrial production in February rose 3.9% from a year earlier, below forecasts, government data showed on Monday.

February industrial production is expected to rise 4%, according to 9 economists polled in a Reuters poll.

China’s PPI rises

Factory inflation in China eased slightly in March but beat expectations, data showed on Monday, as the country grapples with cost pressures from Russia’s invasion of Ukraine and persistent supply chain bottlenecks.

The producer price index rose 8.3% year-on-year, according to data from the National Bureau of Statistics (NBS), after growing 8.8% in February, but beating forecasts for a rise 7.9% in a Reuters poll.

China’s consumer price index rose 1.5% year-on-year, after gaining 0.9% in February, from 1.2% according to a Reuters poll.

The world’s second-largest economy came under downward pressure in March with fresh COVID-19 outbreaks and the manufacturing and service sectors reported lower activity.

Israel raises its key interest rate

The Bank of Israel on Monday raised its benchmark interest rate for the first time in 3.5 years, as expected, to tackle rising inflation caused in part by robust economic growth and a labor market tense.

The central bank raised its benchmark rate to 0.35% from 0.1% – a historic low where it had remained for the previous 15 decisions since a 0.15 point cut at the start of the COVID-19 pandemic.

“Israel’s economy is recording strong growth, accompanied by a tight labor market and rising inflation,” the central bank said.

Israel’s annual inflation rate hit an 11-year high of 3.5% in February, beating the government’s annual target range of 1% to 3%. At the same time, the Israeli economy grew by 8.2% in 2021, while the unemployment rate fell to 3.2%.

Over the past few weeks, Bank of Israel Governor Amir Yaron and his deputy Andrew Abir have been bracing markets for higher rates, saying the cycle will move faster than expected.

(Contributed by Reuters)

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