• The United States economy grew an annualized 1.6% in the first quarter of 2024. The euro area grew 0.3% on-quarter (seasonally adjusted) in the first quarter, according to a flash estimate by Eurostat. The United Kingdom grew 0.6% on-quarter in the same period
• Meanwhile, the Japanese economy contracted by 2.0% in the first quarter of 2024
• Global energy prices rose 2.1% on-month in April on lingering geopolitical uncertainties

Major economies showed uneven growth trends in the first quarter of 2024. Growth in the euro area and the United Kingdom rebounded after two quarters of contraction. Growth in the United States slowed during the period but remained resilient despite elevated interest rates and uncertainty around the timing of rate cuts. China's economy remained robust, growing by a healthy 5.2% on-year in the first quarter of 2024.

The outlier was Japan, which recorded a contraction in the
first quarter of 2024, after holding steady in the last quarter of the previous
year.