Economic flash Advanced countries – Dynamic economic activity in Spain and Italy in the 1st quarter of 2023, but at a standstill in Germany.

In euro area (19)GDP rose by +0.1% in 1^er quarter of 2023 (after −0.0%) and the ESI economic sentiment indicator increased slightly in April (99.3 after 99.2 in March). In GermanyGDP stagnated on the 1^er quarter of 2023 (+0.0% after −0.5%). In April, the IFO business climate survey improved (92.2 after 91.0 in March) and inflation fell (+7.6% after +7.8%). The unemployment rate stabilized at 2.9% in March. GDP increases on 1^er quarter 2023 in Italy (+0.5% after −0.1%) as in Spain (+0.5% after +0.4%), where the unemployment rate also increased to 13.3%, after 12.9% in 4^e quarter of 2022. In addition, retail sales increased in March (+0.5% after −0.2%), like the consumer price index in April (+3.8% after + 3.0%). To UNITED STATESGDP increased by +0.3% on 1^er quarter of 2023 (after +0.6%). Household consumption fell again in March (−0.0% after −0.1%) and household confidence deteriorated in April (101.3 after 104.0). Durable goods orders increased in March (+3.2%, after −1.2%). In February, real estate prices increased by +0.1% in the 20 largest cities of the country according to the S&P index (after −0.4%), and by +0.5% at the national level according to the index Federal Housing Finance Agency (after +0.1%). At Japan, industrial production increased in March (+0.1% after +4.5%), like the unemployment rate (2.8% after 2.5%). Finally, the International trade in goods fell in February (by −0.9% after +0.3% in January).