gdp
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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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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To mark the accession to the EU of Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia, the European Bank for Reconstruction and Development (EBRD) has compiled a report to look at how well the countries have fared. Cyprus and Malta, who also joined on that day, are excluded from the report because they do not come within the areas in which the EBRD operates. The countries involved, with the exception of Slovenia, part of the non-aligned former Yugoslavia, were previously on the eastern side of the Iron Curtain during the Soviet era. The dissolution of the Co...
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French finance minister Bruno Le Maire presented his "simplification" bill to fellow cabinet members this week as part of a strategy to boost national and European competitiveness. The aim of the bill, which has been in the works since November, is to alleviate the bureaucratic burdens placed on French businesses. "We need to simplify our economy to win the confidence of entrepreneurs and encourage them to create wealth on our soil," said the government in a statement. According to state research, 30% of small business owners in France are currently spending more than 8 hours a week on adminis...
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The recent increase in public spending has made Britain seem more like France than the United States, according to the World Bank's chief economist, Indermit Gill. The result is a slowdown in economic growth, Gill said in an interview with The Telegraph newspaper. "The country that used to be the most like the United States in all of Europe was the UK. And you guys decided to go and become a lot more like continental Europe," Gill pointed out. "Take a look at the share of government spending to GDP. You look like France, not like the US." France's GDP at 58% of public spending in 2022, is stil...
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The labour income share in Gross Domestic Product (GDP) presents a downward trend in Europe. This means that workers are getting a smaller slice of the cake. Falling labour shares are frequently associated with rises in income inequality as capital tends to be concentrated at the upper ends of income distribution. Defined by the International Labour Organisation (ILO), the labour income share in GDP is the ratio, in percentage, between total labour income and GDP, both provided in nominal terms. Labour income includes the compensation of employees and part of the income of the self-employed. I...
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China's economy expanded by 5.3% in the first quarter compared to a year earlier, buoyed by government schemes to boost economic demand. The figure, up from 1.6% on the previous quarter, beat a Reuters analyst forecast of 4.6%. "Generally speaking, the national economy got off to a good start in the first quarter... laying a good foundation for... the whole year," said China's National Bureau of Statistics. The agency nonetheless added that economic stability is not yet solid. Since the Covid-19 pandemic, China has struggled with a slowdown in demand and a lengthy property crisis. In the last ...
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The eurozone is facing weaker-than-expected growth prospects over the next two years and inflation may recede as rapidly as many would hope, leading to fewer rate cuts from the European Central Bank (ECB), suggests the latest economic forecast from global credit rating agency S&P. The bloc is going to have 0.7% GDP growth this year, slightly lower than the 0.8% in the previous forecast by S&P Global Ratings. There are doubts that the rebound in growth will be strong after 2024, partially because of alarmingly low productivity, which has an impact on economic output, employment and wages. "The ...
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The Netherlands' economy grew by 0.4% in the three months to December 2023, reversing a three-quarter period of contraction. New figures published by Statistics Netherlands on Monday said that the growth in GDP surpassed the 0.3% market predictions and was buoyed by a strong rebound in household consumption (1.9% against -0.2% in Q3), further government spending (0.7% against 1.3%). The news will be welcome to the government and Dutch households alike, as it follows a three-quarter period of economic contraction since the start of the last year. As Europe's economy languishes, when will the EC...
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The fight against rising prices and social inequalities are the most important issues for European voters ahead of the European Parliament elections in June, according to an exclusive poll by Ipsos for Euronews. Beating out topics like climate change and immigration, economic issues represent four out of the top five topics that Europeans think should be the highest priorities for incoming decision-makers. The first-of-its-kind survey, conducted in 18 countries representing 96% of the EU's population, found that rising prices remain the leading electoral issue for Europeans, followed closely b...
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