germaneconomy
Inflation in Germany for May was up 2.4% year-on-year, according to just published figures from the Federal Statistical Office. That was in line with analyst expectations, the first rise for five months and a slight rise from the three-year low of 2.2% seen in both March and April. The increase was mainly due to a rise in services costs, which came in at 3.9% in May, up from 3.4% in April. Food costs also increased, up 0.6% on last month, and 0.5% in April. However, the prices of goods saw a slowdown, inching up 1% in May, compared with 1.2% in the previous month, with energy prices continuing...
Euronews (English)
The €23 billion package of tax cuts is aimed at supporting household budgets already hit by inflation. This will be done mainly by increasing income tax thresholds, which in turn will reduce fiscal drag. Fiscal drag happens when higher inflation leads to higher wages and bumps people up to the next tax bracket. However, the higher inflation quickly eats up any extra income earned by workers, despite their wages seeing a hike. This is also known as cold progression. Germany’s tax move is expected to be worth about €430 for every adult with a job in Germany and will be carried out over the next ...
Euronews (English)
The number of people in Germany without a job rose to 2.762 million in May, according to the newly released unemployment rate report for May. That was a jump of 25,000, and much more than the 10,000 predicted. It is the 17th month in a row that unemployment has risen and the jobless total continues to hover near three-year highs. Meanwhile, the seasonally adjusted jobless rate was 5.9% last month, the same level for the sixth month in a row in line and in line with analyst expectations. This was the sixth month in a row that the unemployment rate was at this level, which was in line with analy...
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Deutsche Bank has increased the eurozone gross domestic product (GDP) outlook for this year from 0.4% to 0.9%, according to the latest Deutsche Bank World Outlook. However, the report suggests, this is likely to be due more to cyclical than structural reasons, with the bank's 2025 forecasts for the eurozone remaining the same at 1.5%. Regarding the eurozone, the 20 EU member states using the euro as currency, the report says: "Our inflation outlook is broadly unchanged - sticky and with upside risks in 2024, converging to target in 2025 but the composition is a little less ECB friendly, with h...
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The final estimate for Germany’s quarter-on-quarter gross domestic product (GDP) report for Q1 2024 came out on Friday morning. It revealed that GDP grew by 0.2%, according to the Federal Statistical Office. This was a surge from the previous quarter’s -0.5% and in line with analyst estimates. This increase was mainly due to a jump in gross fixed capital formation, which rose to 1.2% in the first quarter of the year, from -2.1% in Q4 2023, primarily driven by advances in construction investment. Year-on-year GDP came in at -0.2% in Q1 2024, which was the same as the previous quarter, as well a...
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Foreign buyers were responsible for 35% of commercial property purchases in the first quarter of this year, according to a report from BNP Paribas Real Estate. That's a smaller result than any year since 2013 and comes after foreign investors accounted for 37% of transaction volumes in German commercial property in 2023. The investment drop is driven by a number of factors such as high inflation and fears of a recession in Germany. Although the economy performed better than expected in the first three months of the year, with GDP up 0.2%, experts believe that structural issues will continue to...
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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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Consumer confidence in Germany is edging up, according to the newly released German GfK Consumer Climate Indicator for May. German consumer confidence came in at -24.2, a rise from the -27.3 of April and better than market expectations of -25.9, according to the GfK Group. The figure is the highest in two years, boosted mainly by income expectations jumping to their highest number since January 2022, at 10.7 against -1.5 in the previous month. Furthermore, economic prospects also rose to 0.7, up from -3.1 in April. A desire to buy also stepped up to -12.6 in May, up from -15.3 in April. Simila...
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A group of leading economic think tanks in Germany released their six-monthly "collective diagnosis" of the Germany economy on Wednesday. The report revised a forecast made last autumn of 1.3% growth down to 0.1%, saying that consumer's purchasing power would be crucial to improving the economic forecast. "The economy in Germany is ailing. An economic weakness that lasted until the end is accompanied by dwindling growth forces. Economic and structural factors overlap in the sluggish overall economic development. Although a recovery is likely to begin in the spring, the overall momentum will no...
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On Wednesday, it was reported by Reuters that ProSiebensat.1 called on its shareholders to vote down its top investors' proposals at the annual general meeting next month. MFE, which operates commercial TV businesses in Italy and Spain, is controlled by the family of the late former Italian Prime Minister Silvio Berlusconi. Which cities in Europe are the best for start-up businesses?The company is aiming to spin off ProSieben's e-commerce and dating assets from the group's core TV operations, Reuters said. "In the opinion of the executive board and the supervisory board, a split-up ... lies in...
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