Currently, the global economy is in a period of

and

. Inflation remains the largest concern in most markets but has recently begun to

globally with only

countries reporting higher inflation this month than last month.

The Zoomed Out View

Aggregate charts for a better picture of what the entire global economy is experiencing. They change from time to time but we tend to highlight the current buzz from a zoomed out view.

Real GDP GrowthCentral Bank RatesInflation

Inflation

Year-over-year global inflation changes. Total number of countries with Inflation rising minus the number of countries with falling Inflation.

The most recent reporting period is03-2023

Latest
Reported	129
Higher	30
Lower	95
Unchanged	4

** A positive reading indicates more countries are reporting a higher value than countries that are reporting a lower value. Positive numbers should be read as global expansion of the indicator and negative numbers as global contraction of the indicator.

Real GDP Growth

Quarterly real GDP growth year-over-year changes. Total number of countries with Real GDP growth rising minus the number of countries with falling Real GDP Growth. Real GDP Growth equals GDP Growth - Inflation for a more true calculation of how an economy grew.

The most recent reporting period is9-2023

Latest
Reported	17
Higher	9
Lower	6
Unchanged	2

Central Bank Interest Rate

The global, on-balance Central Bank Interest Rate direction. Calculated by taking the total number of central banks raising their overnight rate minus the number of central banks lowering their overnight rate.

The most recent reporting period is04-2023

Latest
Reported	32
Higher	6
Lower	4
Unchanged	22

Inflation

Year-over-year global inflation changes. Total number of countries with Inflation rising minus the number of countries with falling Inflation.

The most recent reporting period is03-2023

Latest
Reported	129
Higher	30
Lower	95
Unchanged	4

Real GDP Growth

The most recent reporting period is9-2023

Latest
Reported	17
Higher	9
Lower	6
Unchanged	2

Central Bank Interest Rate

The most recent reporting period is04-2023

Latest
Reported	32
Higher	6
Lower	4
Unchanged	22

Inflation

Year-over-year global inflation changes. Total number of countries with Inflation rising minus the number of countries with falling Inflation.

The most recent reporting period is03-2023

Latest
Reported	129
Higher	30
Lower	95
Unchanged	4

Upcoming Economic Releases

All of the events below are considered high impact.

Country		Event	Actual	Estimate	Previous
Wednesday, Jul 24th
🇩🇪	Germany	Gfk Consumer Confidence (Aug)	-18.4	-21	-21.6
🇩🇪	Germany	HCOB Manufacturing PMI (Jul)	42.6	44	43.5
🇺🇸	United States	Goods Trade Balance (Jun)	-96.8	-98	-99.4
🇨🇦	Canada	BoC Interest Rate Decision	4.5	4.5	4.75
Thursday, Jul 25th
🇩🇪	Germany	Ifo Business Climate (Jul)	87	88.9	88.6
🇺🇸	United States	Durable Goods Orders MoM (Jun)	-6.6	0.3	0.1
🇺🇸	United States	GDP Growth Rate QoQ Adv (Q2)	2.8	2	1.4
🇺🇸	United States	GDP Growth Rate QoQ (Q2)	2.8	2	1.4
Friday, Jul 26th
🇦🇺	Australia	Retail Sales MoM (Jun)		0.4
🇪🇸	Spain	Retail Sales MoM (Jun)	0.3	0.3	-0.6
🇪🇸	Spain	Retail Sales YoY (Jun)	0.3	1.5	0.2
🇪🇸	Spain	Unemployment Rate (Q2)	11.27	11.4	12.29
🇺🇸	United States	Personal Spending MoM (Jun)	0.3	0.3	0.4
🇺🇸	United States	Personal Income MoM (Jun)	0.2	0.4	0.4
🇺🇸	United States	Core PCE Price Index MoM (Jun)	0.2	0.1	0.1
🇺🇸	United States	Core PCE Price Index YoY (Jun)	2.6	2.5	2.6
🇺🇸	United States	Michigan Consumer Sentiment (Jul)	66.4	66	68.2
Monday, Jul 29th
🇨🇭	Switzerland	Retail Sales MoM (Jun)		0.5	0.2
🇨🇭	Switzerland	Retail Sales YoY (Jun)		0.8	0.4
🇦🇹	Austria	Bank Austria Manufacturing PMI (Jul)		45	43.6

Don't let the economy surprise you.

Economic releases, key earnings, speeches, weather, and other market moving events for the week ahead are highlighted in our weekly Sunday note.