Economic flash Advanced countries – A construction recovery to watch in the United States

In the euro zone, GDP growth is confirmed in the second estimate at +0.1% on 1^er quarter of 2023 (after −0.1% in 4^e quarter 2022). The inflation rate (HICP) for April is also confirmed at +7.0% (after +6.9%), and is revised by −0.1 pt in Italy at +8.7% (after +8.1%). The industrial production index (IPI) in the euro zone recorded a sharp decline in March (−4.1% after +1.5%). The eurozone trade surplus increased in March (+€25.6bn after +€3.7bn), in line with the improvement in the Italian balance (+€5.5bn after +€3.5bn €). In Germany, the ZEW outlook index went into negative territory in May (−10.7 after +4.1). In April, industrial production in the USA picked up timidly (+0.5% after +0.0%) while retail sales recorded a slight rebound (+0.4% after −0.7%) and housing starts a sharper rebound (+2 .2% after −4.5%). The UKunemployment rose slightly in March (3.9% after 3.8%). In JapanGDP rose by +0.4% in 1^er quarter of 2023 (after −0.0%) and industrial production slowed in March in the second estimate (+0.2% after +4.5%). In April, Japanese inflation rose to +3.5% (after +3.2%) and the trade deficit narrowed (−¥1,017 billion after −¥1,214 billion).