We keep close tabs on the global economy using two observational publications, Global Inflation Heat Maps and GDP Heat Maps. The monthly Global Inflation Heat Maps are a monthly visual representation of the evolving inflationary pressures across various sectors in the world’s largest economies. The quarterly GDP Heat Maps summarises the national accounts data for 53 countries.
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GDP Heat maps
Volatility and dispersion of nominal growth remains high
Annual global nominal GDP growth surged to 5.9 per cent in Q1, with a 4-percentage point improvement in real growth and a 1 percentage point gain in implicit inflation, to 3 per cent. Such was the outsized contribution from China that real growth weakened in more countries than it strengthened. Inflation rose in twice as many countries as it fell.
GLOBAL INFLATION HEAT MAPS
Global inflation at highest in almost a decade
European inflation surged in August as clothing inflation rebounded and the hospitality sector reopened more fully. Labour supply constraints are weighing heavily on the retail, hotel and restaurant trades and housing costs are rising strongly. As goods price inflation recedes, services inflation has the potential to take up the running.