- Australia’s jobless rate reached 5.1 percent in April, a 0.1-percent increase over March and no change from April 2005. Also, the Reserve Bank of Australia raised its cash rate 0.25 percent to 5.75 percent on May 3. In a statement, the RBA cited such factors as above-average growth for the world economy, an increase in domestic spending, and greater credit growth.
- Preliminary figures showed a 2.4 percent increase in Hong Kong’s first-quarter economy compared to the previous quarter and a 7.8-percent increase compared to a year earlier. “The economy expanded briskly on a broad front, driven robust external trade, distinct pick-up in consumer spending,as well as continued surge in investment in machinery and equipment,” said K. C. Kwok, Hong Kong government’s economist, in a statement.
- Hong Kong’s February-through-April unemployment rate fell 0.1 percent to 5.1 percent, according to preliminary data. The rate is 0.8 percent lower than the same period in 2005.
- Japan’s economy grew 0.5 percent in Q1 from the previous quarter and increased 3.1 percent compared to the same quarter a year earlier. The country’s jobless rate for April remained stable at 4.1 percent, which was 0.3 percent lower than April 2005.
- Singapore’s first-quarter GDP increased 10.6 percent compared to the previous quarter. The Ministry of Trade and Industry raised the GDP growth forecast to between 5 and 7 percent for the year, up from the previous forecast of between 4 and 6 percent.
- Singapore’s ruling People’s Action Party dominated May general elections, winning 82 of 84 seats. The opposition put up its strongest fight in years, but was unable to gain ground.
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