The U.S. economy contracted 3.5 per cent in 2020, the Commerce Department reported Thursday, the worst economic freeze since the end of the Second World War.
The report estimated that the nation's gross domestic product — its total output of goods and services — slowed sharply in the October-December quarter after a record 33.4 per cent surge in the July-September quarter. That gain had followed a record-shattering annual plunge of 31.4 per cent in the April-June quarter.
The economy grew at a four per cent annual rate in the final three months of 2020.
Read more at:U.S. economy contracted an estimated 3.5% in 2020, worst drop since WW2 | CBC News
Showing posts with label Growth. Show all posts
Showing posts with label Growth. Show all posts
1/7/21
The Netherlands: Population growth halves as coronavirus cuts immigration
The population of the Netherlands grew by 63,000
last year, half the increase recorded in 2019, according to new figures from national statistics agency CBS.
The increase, driven largely by EU migration, took the population to almost 17.5 million by the end of the year, the CBS said in its initial forecast. The decline in growth is due both to more people dying in the first half of the year and a downturn in the number of new immigrants and international students coming to the Netherlands, the CBS said.
Read more at: Population growth halves as coronavirus cuts immigration - DutchNews.nl
The increase, driven largely by EU migration, took the population to almost 17.5 million by the end of the year, the CBS said in its initial forecast. The decline in growth is due both to more people dying in the first half of the year and a downturn in the number of new immigrants and international students coming to the Netherlands, the CBS said.
Read more at: Population growth halves as coronavirus cuts immigration - DutchNews.nl
8/20/20
The Netherlans: Dutch economy expected to grow again next year, Covid-19 effects to linger
The Dutch economy will shrink by 5.1 percent this year, but recovery
will start at the end of the year and in 2021 the economy will grow b3.2
percent, according to central planning office CPB's draft-macroeconomic
foresight studies. The effects of the Covid-19 crisis will linger,
however, with unemployment rising to 7 percent next year.
The CPB expects all parts of the economy to recover somewhat nextyear. Household consumption will decrease by 5.9 percent this year, and increase by 4.1 percent next year. Investments will go from -7.5 percent his year, to plus 4.4 percent next year. Exports will decrease by 5.2 percent this year, but increase by 4.7 percent next year, and imports will go from -3.7 percent this year to plus 5.4 percent in 2021. Government consumption is the only factor that won't see a decrease this year. It is expected to increase by 2.9 percent this year and by 2.0
percent next year.
CPB director Pieter Hasekamp told NOS that the coronavirus blow to the Dutch economy is "unprecedentedly hard" and "largely yet to befelt". "The corona crisis also has major consequences or things that affect the quality of life: we miss celebrating a wedding oranniversary, the theater and concert stages are empty, and there are serious concerns about loneliness in nursing homes."
Read more at:
Dutch economy expected to grow again next year, Covid-19 effects to linger | NL Times
The CPB expects all parts of the economy to recover somewhat nextyear. Household consumption will decrease by 5.9 percent this year, and increase by 4.1 percent next year. Investments will go from -7.5 percent his year, to plus 4.4 percent next year. Exports will decrease by 5.2 percent this year, but increase by 4.7 percent next year, and imports will go from -3.7 percent this year to plus 5.4 percent in 2021. Government consumption is the only factor that won't see a decrease this year. It is expected to increase by 2.9 percent this year and by 2.0
percent next year.
CPB director Pieter Hasekamp told NOS that the coronavirus blow to the Dutch economy is "unprecedentedly hard" and "largely yet to befelt". "The corona crisis also has major consequences or things that affect the quality of life: we miss celebrating a wedding oranniversary, the theater and concert stages are empty, and there are serious concerns about loneliness in nursing homes."
Read more at:
Dutch economy expected to grow again next year, Covid-19 effects to linger | NL Times
1/14/20
France: French Economy to Grow 1.3% With a Pension Deal, Le Maire Says -by Phil Serafino
The French economy will grow 1.3% this year, the same pace as 2019,
as long as a compromise is reached quickly with labor unions that are on
strike over pension reform, Finance Minister Bruno Le Maire said in an
interview with the Journal du Dimanche.
“The economic outlook for France is good and solid,” Le Maire told the newspaper. The economy has created more than 500,000 jobs since 2017, and unemployment should drop to 7% by the end of President Emmanuel Macron’s term in 2022, he said. The jobless rate was 8.3% in the third quarter.
Read more: French Economy to Grow 1.3% With a Pension Deal, Le Maire Says - Bloomberg
“The economic outlook for France is good and solid,” Le Maire told the newspaper. The economy has created more than 500,000 jobs since 2017, and unemployment should drop to 7% by the end of President Emmanuel Macron’s term in 2022, he said. The jobless rate was 8.3% in the third quarter.
Read more: French Economy to Grow 1.3% With a Pension Deal, Le Maire Says - Bloomberg
3/5/19
EU Economy: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - by Viktoria Dendrinou
The European Commission slashed its growth forecasts for all the euro
region’s major economies from Germany to Italy and warned that Brexit
and the slowdown in China threaten to make the outlook even worse.
The European Union’s executive arm delivered a downbeat report on Thursday that shaved a whole percentage point off its 2019 projection for Italy, now seen with minimal expansion of just 0.2 percent for the whole year. Officials in Brussels warned that the region’s outlook faces “substantial” risks.
The gloomier forecasts reflect more pronounced weakness in the region, which stumbled at the end of 2018 as political instability continued to rock Italy, violent protests in France depressed output, and Germany’s car industry struggled to rebound from changes in regulation. Global trade uncertainty and a sharper-than-expected slowdown in China also pose external risks to the economic outlook.
Read more at: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - Bloomberg
The European Union’s executive arm delivered a downbeat report on Thursday that shaved a whole percentage point off its 2019 projection for Italy, now seen with minimal expansion of just 0.2 percent for the whole year. Officials in Brussels warned that the region’s outlook faces “substantial” risks.
The gloomier forecasts reflect more pronounced weakness in the region, which stumbled at the end of 2018 as political instability continued to rock Italy, violent protests in France depressed output, and Germany’s car industry struggled to rebound from changes in regulation. Global trade uncertainty and a sharper-than-expected slowdown in China also pose external risks to the economic outlook.
Read more at: Italy, Germany Drag on Euro-Area Economy as EU Cuts Outlook - Bloomberg
6/10/18
EU Economy: GDP and main aggregates estimate for the first quarter of 201 8 GDP up by 0.4% in both euro area and EU28 +2.5% and + 2.4% respectively compared with the first quarter of 2017
Seasonally adjusted GDP rose by 0.4% in both the Euro area (EA19) and the EU28 during the first quarter of 2018, compared with the previous quarter,according to an estimate published by Eurostat.
In the fourth quarter of 2017, GDP had grown by 0.7% in both zones
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by by 2.4% in the EU28 in the first quarter of 2018, after +2.8% and +2.7% respectively in the previous quarter..
For the complete report go to Eurostat
In the fourth quarter of 2017, GDP had grown by 0.7% in both zones
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by by 2.4% in the EU28 in the first quarter of 2018, after +2.8% and +2.7% respectively in the previous quarter..
For the complete report go to Eurostat
5/6/18
EU Economy: Spring 2018 Economic Forecast: Expansion to continue amid new risks
Growth rates for the EU and the euro area beat expectations in 2017 to
reach a 10-year high at 2.4%. Growth is set to remain strong in 2018 and
ease only slightly in 2019, with growth of 2.3% and 2.0% respectively
in both the EU and the euro area.Private consumption remains strong, while exports and investment have increased. Unemployment continues to fall and is now around pre-crisis levels. However, the economy is more exposed to external risk factors, which have strengthened and become more negative.
Robust growth is facilitating a further reduction in government deficit and debt levels and an improvement in labour market conditions. The aggregate deficit for the euro area is now less than 1% of GDP and is forecast to fall under 3% in all euro area Member States this year.
Read more: European Commission - PRESS RELEASES - Press release - Spring 2018 Economic Forecast: Expansion to continue amid new risks
11/29/17
U.S. Economic Forecast: Growth of the economy to continue through 2018
For the first time since the middle of 2014, the US economy has
sustained 3 percent growth for two consecutive quarters, providing
strong momentum into next year. The current Conference Board forecast
calls for 2.8 percent growth during the final quarter of 2017 and 2.5
percent growth in 2018.
This would represent the economy’s best 2-year run since 2005.
Business investment has awakened from the doldrums this year, rising by more than 4 percent after falling into negative territory in 2016. Confidence in the manufacturing sector has been especially strong.
The composition of growth supports a long-term improvement in productivity. Capital equipment has risen at an 8.7 percent annual rate during the past two quarters, while investment in warehouse structures is up more than 20 percent since the end of last year. These investments demonstrate a renewed firm commitment to increased efficiency.
Consumer spending eased a bit in the third quarter, but with The Conference Board’s Consumer Confidence Index still strong and housing prices rising, expect a robust holiday season.
One encouraging sign was the pickup in motor vehicle spending thanks to renewed demand following the two hurricanes. Should employment growth rebound quickly from last month’s storm related decline, tighter labor markets should translate into a renewed wage acceleration which could boost spending late this year or into 2018. The possibility of federal income tax cuts could do the same.
The economy enters 2018 in good position to maintain strong growth from 2017.
Current Fed chair Janet Yellen and new Fed chair nominee Jerome Powell may raise rates slightly faster as a result. These expectations have led long-term rates to rise modestly.
The dollar has also started strengthening since early September after weakening through much of 2017, creating less favorable terms of trade. Higher capital costs and the possibility of a less supportive external environment for growth have not rattled the market yet.
With growth prospects strong for 2018, profits should grow robustly as well, rewarding those businesses that increase investment levels.
Read more: U.S. Forecast | The Conference Board
This would represent the economy’s best 2-year run since 2005.
Business investment has awakened from the doldrums this year, rising by more than 4 percent after falling into negative territory in 2016. Confidence in the manufacturing sector has been especially strong.
The composition of growth supports a long-term improvement in productivity. Capital equipment has risen at an 8.7 percent annual rate during the past two quarters, while investment in warehouse structures is up more than 20 percent since the end of last year. These investments demonstrate a renewed firm commitment to increased efficiency.
Consumer spending eased a bit in the third quarter, but with The Conference Board’s Consumer Confidence Index still strong and housing prices rising, expect a robust holiday season.
One encouraging sign was the pickup in motor vehicle spending thanks to renewed demand following the two hurricanes. Should employment growth rebound quickly from last month’s storm related decline, tighter labor markets should translate into a renewed wage acceleration which could boost spending late this year or into 2018. The possibility of federal income tax cuts could do the same.
The economy enters 2018 in good position to maintain strong growth from 2017.
Current Fed chair Janet Yellen and new Fed chair nominee Jerome Powell may raise rates slightly faster as a result. These expectations have led long-term rates to rise modestly.
The dollar has also started strengthening since early September after weakening through much of 2017, creating less favorable terms of trade. Higher capital costs and the possibility of a less supportive external environment for growth have not rattled the market yet.
With growth prospects strong for 2018, profits should grow robustly as well, rewarding those businesses that increase investment levels.
Read more: U.S. Forecast | The Conference Board
11/13/17
OPEC - oil demand: OPEC revises world oil demand forecasts up
World oil demand growth in 2017 was adjusted higher from the previous
month by 74,000 barrels per day (b/d), mainly to reflect
better-than-expected data from China in the third quarter of 2017, OPEC
said in its November Oil Market Report.
“As such, world oil demand growth for 2017 now stands at 1.53 million b/d to average 96.94 million b/d,” said the cartel.
For 2018, OPEC expects global oil demand growth at around 1.51 million b/d, revised up by 0.13 million b/d from the previous month’s expectations reflecting the improved expectations from the European members of the Organization of Economic Co-Operation and Development (OECD Europe), OECD Asia Pacific, China, India and some African countries.
Total oil demand is projected to average 98.45 million b/d in 2018, said the cartel.
Read more: OPEC revises world oil demand forecasts up
“As such, world oil demand growth for 2017 now stands at 1.53 million b/d to average 96.94 million b/d,” said the cartel.
For 2018, OPEC expects global oil demand growth at around 1.51 million b/d, revised up by 0.13 million b/d from the previous month’s expectations reflecting the improved expectations from the European members of the Organization of Economic Co-Operation and Development (OECD Europe), OECD Asia Pacific, China, India and some African countries.
Total oil demand is projected to average 98.45 million b/d in 2018, said the cartel.
Read more: OPEC revises world oil demand forecasts up
8/18/17
EU: Exports and low unemployment fuel rapid growth in central Europe - by James Shotter
Central Europe’s economies have continued their rapid expansion, outpacing their peers in western Europe as rock bottom interest rates and record low unemployment fuel consumer spending.
With the eurozone’s recovery also pushing up exports from the region, Romania’s economy grew at the fastest annual rate in the EU in the second quarter.
The Czech Republic, Poland, Slovakia and Hungary also reported strong growth, according to preliminary data on Wednesday.
Romania grew by 5.7 per cent year on year in the second quarter. The Czech Republic grew by 4.5 per cent, Poland by 4.4 per cent, Hungary by 3.6 per cent and Slovakia by 3.1 per cent. The EU grew by 2.3 per cent.
Read more: Exports and low unemployment fuel rapid growth in central Europe
With the eurozone’s recovery also pushing up exports from the region, Romania’s economy grew at the fastest annual rate in the EU in the second quarter.
The Czech Republic, Poland, Slovakia and Hungary also reported strong growth, according to preliminary data on Wednesday.
Romania grew by 5.7 per cent year on year in the second quarter. The Czech Republic grew by 4.5 per cent, Poland by 4.4 per cent, Hungary by 3.6 per cent and Slovakia by 3.1 per cent. The EU grew by 2.3 per cent.
Read more: Exports and low unemployment fuel rapid growth in central Europe
6/4/16
Finland: Moody's cuts Finland's last triple-A rating
Finland lost its last top-grade credit rating on
Friday as Moody's downgraded it to Aa1 with a stable outlook, citing
weak economic growth and its negative impact on the general government
debt ratio.
Once known for prudent fiscal policy and innovation, the Nordic country's economy has underperformed its euro zone peers in recent years for reasons including high labour costs, the decline of Nokia's former phone business and a recession in neighbouring Russia.
"The economy is showing some signs of positive momentum with a return to positive growth in 2015 following three years of recession. However, growth over the next five years will remain weak," Moody's said in its report.
Fitch downgraded Finland to Aa+ with a stable outlook in March, while Standard & Poor's cut its rating for the country to AA+ in 2014, later giving the rating a negative outlook.
Long proud of its top grade ratings, Finland took a hard line against euro zone bailouts during the currency bloc's debt crisis.
This year, the European Commision expects Finland's economy to expand by 0.7 percent, less than any other EU country except Greece.
Once known for prudent fiscal policy and innovation, the Nordic country's economy has underperformed its euro zone peers in recent years for reasons including high labour costs, the decline of Nokia's former phone business and a recession in neighbouring Russia.
"The economy is showing some signs of positive momentum with a return to positive growth in 2015 following three years of recession. However, growth over the next five years will remain weak," Moody's said in its report.
Fitch downgraded Finland to Aa+ with a stable outlook in March, while Standard & Poor's cut its rating for the country to AA+ in 2014, later giving the rating a negative outlook.
Long proud of its top grade ratings, Finland took a hard line against euro zone bailouts during the currency bloc's debt crisis.
This year, the European Commision expects Finland's economy to expand by 0.7 percent, less than any other EU country except Greece.
1/28/16
ICT Industry Europe: Impressive growth in the employment of ICT specialists in the EU
Over recent years, both the number and the share of ICT specialists in total employment have continuously increased to better adapt to an ever digitalised world. However, almost 40% of enterprises with at least 10 persons employed which recruited or tried to recruit personnel for jobs requiring ICT specialist skills had hard-to-fill vacancies in 2014.
In light of the competitiveness of the European economy and EU employment strategies, policymakers and researchers feel a natural interest in the employment of ICT professionals, a strategically important segment of employment.
These data come from a report issued by Eurostat, the statistical office of the European Union, and are used for several EU policies, in particular the Digital Single Market.
Read more: Impressive growth in the employment of ICT specialists in the EU for 2014 | Digital Agenda for Europe
9/29/15
European Economy: Future of SMEs: Europe’s economic powerhouses
Small and medium businesses (SMEs) are the heart of Europe’s economy
but some have not survived the financial crisis and many others have
had to innovate to have any kind of a future. Real Economy travelled to Italy
to meet some of those who have risen to that challenge, often tapping
into new sources of financing when lending from the banking sector was
drying up.
There are some 21 million SMEs in Europe, supplying about 85% of jobs. All that entrepreneurship allows Europe to control one fifth of world trade and that’s why it’s so important to understand these economic powerhouses and why they are so critical.
It works something like this: Jack has a micro-sized glass making company, which employs less than 10 people and makes around two million euros a year. Jack then supplies his glass to Greg’s small company which makes mosaics – Greg has earnings of less than 10 million and fewer than 50 employees. Greg then sells his mosaics to Linda who is a medium-sized mosaic and tile seller. She has 250 people or less on her payroll and her business makes 50 million euros.
However, if any of them are taken over, linked to or partnered with a large company, or are 50% owned by universities or local authorities they may no longer be considered SMEs. Jack, Greg, Linda and others like them create 2 out of every 3 jobs in Europe. Companies like theirs make up 9 out of 10 businesses in Europe, creating the value added that drives our growth.
Read more: Future of SMEs: Europe’s economic powerhouses | euronews, real economy
There are some 21 million SMEs in Europe, supplying about 85% of jobs. All that entrepreneurship allows Europe to control one fifth of world trade and that’s why it’s so important to understand these economic powerhouses and why they are so critical.
It works something like this: Jack has a micro-sized glass making company, which employs less than 10 people and makes around two million euros a year. Jack then supplies his glass to Greg’s small company which makes mosaics – Greg has earnings of less than 10 million and fewer than 50 employees. Greg then sells his mosaics to Linda who is a medium-sized mosaic and tile seller. She has 250 people or less on her payroll and her business makes 50 million euros.
However, if any of them are taken over, linked to or partnered with a large company, or are 50% owned by universities or local authorities they may no longer be considered SMEs. Jack, Greg, Linda and others like them create 2 out of every 3 jobs in Europe. Companies like theirs make up 9 out of 10 businesses in Europe, creating the value added that drives our growth.
Read more: Future of SMEs: Europe’s economic powerhouses | euronews, real economy
7/5/15
The Netherlands: A Look At The World’s High-Tech Startup Capital - by Conrad Egusa and Steven Cohen
Behind London and Berlin, the Dutch startup scene is already considered
to be one of the most prominent in Europe. (If it feels unfair to weigh
an entire country against individual cities, consider that the
Netherlands has 17 million people crammed into an area half the size of
South Carolina.
Startup Juncture reported 75 major deals in 2014, for a total of roughly $560 million in investment. Ten companies raised over $9 million. In the past few years, especially, each successive quarter has seemingly brought a new standard for sheer volume of activity. The road to this point has been long and deliberate, and Dutch entrepreneurs deserve credit for what they’ve managed to achieve thus far.
And yet, to herald Dutch innovation as it currently stands is to unveil a project that’s still only just underway.
The Dutch, on the whole, speak better English than probably any non-native population in continental Europe, one of the hallmarks of a consistently excellent education system that also scores among the highest worldwide in math and science metrics. Strong economic foundations in industry and commerce offer a dependable framework for continued growth.
And under the proven leadership of Neelie Kroes, the so-called “Internet-Tsar” of Europe, the government’s recent commitments to tech entrepreneurship may mark a bellwether of a new era in startup proliferation.
Read more: The Netherlands: A Look At The World’s High-Tech Startup Capital | TechCrunch
Startup Juncture reported 75 major deals in 2014, for a total of roughly $560 million in investment. Ten companies raised over $9 million. In the past few years, especially, each successive quarter has seemingly brought a new standard for sheer volume of activity. The road to this point has been long and deliberate, and Dutch entrepreneurs deserve credit for what they’ve managed to achieve thus far.
And yet, to herald Dutch innovation as it currently stands is to unveil a project that’s still only just underway.
The Dutch, on the whole, speak better English than probably any non-native population in continental Europe, one of the hallmarks of a consistently excellent education system that also scores among the highest worldwide in math and science metrics. Strong economic foundations in industry and commerce offer a dependable framework for continued growth.
And under the proven leadership of Neelie Kroes, the so-called “Internet-Tsar” of Europe, the government’s recent commitments to tech entrepreneurship may mark a bellwether of a new era in startup proliferation.
Read more: The Netherlands: A Look At The World’s High-Tech Startup Capital | TechCrunch
4/1/15
EU Economy: Manufacturing up across the eurozone boosted by weak euro
Manufacturing activity across the
eurozone accelerated faster than expected in March while the weak euro
encouraged overseas buyers to increase orders.
Ireland and Spain led the way, but growth also improved in Germany, Italy and the Netherlands.
Not everything in the garden is rosy however as production declined in France, Austria and Greece.
On the plus side the overall rise in production is leading to much needed job creation.
Unemployment in the euro area is currently running at an unacceptable 11.3 percent.
Ireland and Spain led the way, but growth also improved in Germany, Italy and the Netherlands.
Not everything in the garden is rosy however as production declined in France, Austria and Greece.
On the plus side the overall rise in production is leading to much needed job creation.
Unemployment in the euro area is currently running at an unacceptable 11.3 percent.
Read more: Manufacturing up across the eurozone boosted by weak euro
3/2/15
Ireland: EU warns Ireland on debt, jobs and banking sector - by Suzanne Lynch
The European Commission has warned that Ireland must take “decisive policy action” to address macroeconomic imbalances in the economy.
The
in-depth review, to be published on Thursday, finds that despite a
marked improvement in Ireland’s economic outlook, a number of risks
remain.
These include the high level of private
and public debt, high structural unemployment and residual concerns
about the banking sector.
Read more: EU warns Ireland on debt, jobs and banking sector
9/27/14
EU brainstorm ways of bringing billions of euro into its ailing economy
he European Union tried to find ways on Saturday to bring billions of
euro into its slow economy without falling deeper into debt. Possible
options include the creation of a pan-European capital market and
a joint EU fund worth €700 billion.
The EU’s economy is still struggling to recover from the worst financial crisis in a generation. The EU economy grew by just 0.1% last year and around 25 million EU citizens are unemployed, almost double as many as in the United States.
EU finance ministers have asked the European Commission, the EU executive, and the European Investment Bank (EIB) to come up with a range of projects that would create growth.
“We have given a mandate to the Commission and the EIB to swiftly present an initial report on practical measures that can be taken, on profitable investment projects,” Italian Economy Minister Pier Carlo Padoan said.
European ministers are expected to discuss the projects and possible ways of financing them during a meeting in Luxembourg in October.
There are as yet no details on the actual projects. However, finance ministers discussed four proposals as to how to finance them.
Italy proposed a ‘pan-European market’ which will allow smaller companies to raise capital. This would be part of a new EU capital-marking union, expanding on the eurozone banking union.
Poland proposed creating a joint EU fund worth €700 billion that would be able to finance through leveraging its own capital. The fund would be under the umbrella of the European Investment Bank, the bank owned by European governments.
A French-German paper proposed boosting private investments, while incoming European Commission President Jean-Claude Juncker called for a €300 billion investment program.
Read more: EU brainstorm ways of bringing billions of euro into its ailing economy - MaltaToday.com.mt
The EU’s economy is still struggling to recover from the worst financial crisis in a generation. The EU economy grew by just 0.1% last year and around 25 million EU citizens are unemployed, almost double as many as in the United States.
EU finance ministers have asked the European Commission, the EU executive, and the European Investment Bank (EIB) to come up with a range of projects that would create growth.
“We have given a mandate to the Commission and the EIB to swiftly present an initial report on practical measures that can be taken, on profitable investment projects,” Italian Economy Minister Pier Carlo Padoan said.
European ministers are expected to discuss the projects and possible ways of financing them during a meeting in Luxembourg in October.
There are as yet no details on the actual projects. However, finance ministers discussed four proposals as to how to finance them.
Italy proposed a ‘pan-European market’ which will allow smaller companies to raise capital. This would be part of a new EU capital-marking union, expanding on the eurozone banking union.
Poland proposed creating a joint EU fund worth €700 billion that would be able to finance through leveraging its own capital. The fund would be under the umbrella of the European Investment Bank, the bank owned by European governments.
A French-German paper proposed boosting private investments, while incoming European Commission President Jean-Claude Juncker called for a €300 billion investment program.
Read more: EU brainstorm ways of bringing billions of euro into its ailing economy - MaltaToday.com.mt
1/2/14
Greece beats target for taking up EU co-financing funds
Greece beat its target for taking up European Union co-financing funds in 2013 after it streamlined businesses' access to the money, the Development Ministry said on Thursday.
Read more: Greece beats target for taking up EU co-financing funds - Yahoo Finance
Government data showed Athens beat its 3.89 billion euros ($5.36 billion) target - one of the conditions of its European Union-International Monetary Fund bailout - by 710 million.
Six years of recession have forced thousands of businesses to close and sent unemployment to record levels. The economy is forecast to return to 0.6 percent growth this year.
Greece must make sure it is eligible for 5.5 billion of EU funds by 2015 under its current 20.5 billion EU co-financing programme, Development Minister Kostis Hatzidakis said.
"The absorption rate beat even the most upbeat projections," he said in a statement.
Investment in debt-laden Greece has dropped by about 60 percent since its prolonged recession began in 2008, crimping efforts to exit the downturn and kick-start growth.
12/10/13
Latvia will be EU's fastest growing economy for 3rd consecutive year
Latvia's GDP could grow 4.2% both this year and next year.
According to the latest data on the third quarter of 2013, Latvia's economy remains in a good shape. Compared to the respective period in 2012, Latvia's GDP rose 4.5% in the third quarter of 2013. Similarly to the first two quarters of the year, this was mostly determined by internal demand. Export growth rates were negative.
It is important that this is the steepest GDP growth this year. Compared to the same period in 2012, Latvia's GDP grew 4.2% in the first three quarters of 2013.
The Finance Ministry, however, admits that investment dynamics is disheartening. Compared to the second quarter of 2013, only a 3% increase was registered in the third quarter of 2013, which, despite being a better figure than in the previous quarters, could slow down Latvia's economic development in the medium term.
Read more: FinMin: Latvia will be EU's fastest growing economy for 3rd consecutive year :: The Baltic Course | Baltic States news & analytics
According to the latest data on the third quarter of 2013, Latvia's economy remains in a good shape. Compared to the respective period in 2012, Latvia's GDP rose 4.5% in the third quarter of 2013. Similarly to the first two quarters of the year, this was mostly determined by internal demand. Export growth rates were negative.
It is important that this is the steepest GDP growth this year. Compared to the same period in 2012, Latvia's GDP grew 4.2% in the first three quarters of 2013.
The Finance Ministry, however, admits that investment dynamics is disheartening. Compared to the second quarter of 2013, only a 3% increase was registered in the third quarter of 2013, which, despite being a better figure than in the previous quarters, could slow down Latvia's economic development in the medium term.
Read more: FinMin: Latvia will be EU's fastest growing economy for 3rd consecutive year :: The Baltic Course | Baltic States news & analytics
8/20/13
The Netherlands: Dutch Minister Of Finance Dijselbloem Optimistic About Dutch Economic Recovery
Next year there will absolutely be economic growth said Dutch Treasury Secretary Jeroen Dijsselbloem (PvdA) Monday during a party meeting in Amsterdam. '
"But the annual explosive growth rate we had in the 1990s will not return anymore, and I don't want this either, because it was not sustainable growth" said Dijselbloem '
The Dutch Office For Economic Policy Analysis (CPB) reported last week that the Dutch economy will grow by 0.75 percent in 2014, but in that estimate the new austerity package of EUR 6 billion was not included.
It is generally assumed that the new austerity measures and tax increases will slow down the economic recovery said Dijselbloem , but he reckoned that the Netherlands will still show some growth next year.
Dijselbloem also said one of the major difficulties at the moment for the Dutch economy was the depressed housing market. He said it was not his intention to give any advice or make an appeal for people to spend money, but said he considered this to be an excellent time to buy a home with interest rates at rock bottom before interest rates go up again.
Almere-Digest
"But the annual explosive growth rate we had in the 1990s will not return anymore, and I don't want this either, because it was not sustainable growth" said Dijselbloem '
The Dutch Office For Economic Policy Analysis (CPB) reported last week that the Dutch economy will grow by 0.75 percent in 2014, but in that estimate the new austerity package of EUR 6 billion was not included.
It is generally assumed that the new austerity measures and tax increases will slow down the economic recovery said Dijselbloem , but he reckoned that the Netherlands will still show some growth next year.
Dijselbloem also said one of the major difficulties at the moment for the Dutch economy was the depressed housing market. He said it was not his intention to give any advice or make an appeal for people to spend money, but said he considered this to be an excellent time to buy a home with interest rates at rock bottom before interest rates go up again.
Almere-Digest
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