economicgrowth
The EBRD, which is holding its annual meeting in Yerevan, Armenia, has published its new growth forecasts for the regions it covers and highlighted how sanctions on Russia have impacted its economy. "I think it was unrealistic to expect that sanctions against Russia would lead to a deep economic and financial crisis, as many had hoped," Beata Javorcik, chief economist of the EBRD, told AFP. Russia, which had economic growth of 3.6% last year, is expected to see its gross domestic product (GDP) grow by 2.5% this year, 1.5 percentage points higher than forecast in September, according to the EBR...
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"Part-time work must be the exception, not the rule," said politician Michael Kretschmer in an interview with German newspaper The Handelsblatt published earlier this week. As part of his campaign to be re-elected to the state parliament this year, the centre-right CDU minister homed in on the question of Germany's productivity. "We have to ensure that we come out of the crisis with growth and full employment - for me that means a 40-hour week for everyone," he said. "It was a mistake that the option of part-time has gone from being an exception to a legally secured rule." Since 2001, when Ger...
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The UK economy grew by 0.6% in the first three months of this year, according to figures released by the Office for National Statistics on Friday. This exceeds forecasts of 0.4% given by both the Bank of England (BoE) and economists polled by Reuters. The GDP result also brings the UK out of last year's shallow recession, marked by two consecutive quarters of declining output. Last year, the economy contracted by 0.1% in the third quarter and 0.3% in the fourth quarter. GDP on a monthly basis grew by 0.3% in January, an upwardly-revised 0.2% in February, and 0.4% in March. Friday's data will c...
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The OECD said there are signs that the global outlook has started to brighten, though growth remains modest. "The impact of tighter monetary conditions continues, especially in housing and credit markets, but global activity is proving relatively resilient, inflation is falling faster than initially projected and private sector confidence is improving, the report said. The OECD also highlighted that supply and demand imbalances in labour markets are easing, with unemployment remaining at or close to record lows. "Real incomes have begun to improve as inflation moderates and trade growth has tu...
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There are 44 countries in Europe and across all of them there’s an estimated 32 million active enterprises, according to 2022 data from the European Commission. However, growth has been pretty bleak in the past few years. The European Central Bank (ECB) estimated growth in 2023 to be 0.6%, and is only projecting a marginal improvement of 0.8% in 2024. To put that in context, in the USA GDP increased at an annual rate of 3.3% in the fourth quarter of 2023 and both Reuters and the World Bank have put China’s 2023 growth at 5.2%. So what is Europe doing wrong? In this episode of The Big Question,...
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The UK's gross domestic product rose by 0.1% in February, confirming that the UK economy has now been expanding for two consecutive months. January’s growth reading, formerly 0.2%, was also revised up to 0.3%, according to data released by the Office for National Statistics on Friday. The expansion seen in February, which was in line with analysts' forecasts, comes as a welcome sign after the UK slipped into a recession late last year, marked by two consecutive quarters of economic contraction. If the economy expands in the first three months of 2024, the recession can be classed as over, mean...
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German industrial production increased for the second consecutive month in February, according to data released by the country's official statistics agency on Monday. Compared with January, industrial output increased by 2.1%, the most dramatic monthly rise seen since January 2023. The figure is far more positive than expected, with Reuters analysts having predicted a 0.3% rise. Annual production, however, is still down 4.9%. The driving force behind the monthly increase was a 7.9% jump in the construction sector, as building projects benefited from milder weather. Carmaking output also rose b...
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When Europe votes for a new Parliament in June, the outcome will indirectly influence the appointment of a new Commission President. After five years in the role, German politician Ursula von der Leyen is once again putting her hat in the ring, hoping to hold on to her title as head of the EU's executive arm. Given the wider context of her term, von der Leyen is finishing this leg with a significant legacy. Rarely has a Commission chief weathered such a series of challenges, notably the COVID-19 pandemic, Russia's invasion of Ukraine, and the inflationary spike these two events triggered. Whil...
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The UK's gross domestic product (GDP) rose by 0.2% in the month to January, according to data released by the Office for National Statistics on Wednesday. The GDP indicator, which measures the nation's output, offers a glimpse of hope after the UK fell into a shallow recession last year, marked by two consecutive quarters of economic contraction. "While the [overall growth] figure is tiny, the fact it is growing at all is a positive," said Russ Mould, investment director at AJ Bell. "Investors want the UK's recession status cast into the rear-view mirror so they can focus on how potential loos...
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Switzerland's GDP grew by 0.3% in the fourth quarter of 2023, keeping in step with the country's below-average growth from the previous quarter. The Swiss Federal Statistical Office said on Thursday that the services sector was one of the main growth drivers, thanks to recovering tourism following the COVID-19 pandemic. Specifically, the accommodation and food services sector increased by 3.5%, while increased travel helped to push up the transport and communication sector by 0.4%. Denmark's GDP soars thanks to growing pharma sectorEurozone avoids recession but remains stagnant as Germany stru...
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