The first economic data for May show the world economy is maintaining solid levels of growth in the US, Asia and Africa, reports World Economics.
World Economics is an organisation dedicated to producing analysis, insight and data relating to questions of importance in understanding the world economy (except, currently, Europe). It says that US sales managers remain in buoyant mood as sales growth continues. Significant growth in India is continuing to outpace all other major countries.
Global manufacturing growth at 22-month high
- Business confidence remains strong
- Factory output prices ease in May, remaining close to April's four-year high
- New factory orders improve further in May
Other areas of the world economy are seeing improving conditions, adds World Economics. Nigeria has continued to grow from its year-long recession. Latin America is still just below the level that separates growth from contraction. The frontier economy of Mongolia has started to grow and is showing the green shoots of recovery after three years of plummeting growth and recession in the private economy.
Global service sector activity continues to grow
- Sales growth remains solid
- Business confidence continues to be strong
- Prices charged grow further for consumer services
Sales managers report stable global sales growth
- Global business confidence remains very strong
- Global price inflation for goods and services eases from April's two-year high
- Market growth index registers a fall to 53.4
Very strong levels of growth in Asia
- Economic activity in Asia continues at a high level with headline sales managers' index of 58.2
- Sales growth continues at a rapid rate as prices ease
- Business confidence remains at very high levels