8/12/2023 0 Comments Iconomy 8 and sqlite![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. ![]() ![]() US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “We think GDP is likely to contract again in as the effects of monetary policy tightening continue to feed through,” Kenningham at Capital Economics said in a research note. Inflation is still more than three times the bank’s target, but raising rates further to cool it could hurt the economy. The evidence of a recession in the eurozone will complicate the task of the European Central Bank when it meets next week to set interest rates. German GDP fell 0.3% in the first three months of 2023, compared with an earlier estimate of zero growth, as last year’s energy price shock took its toll on consumer spending. Thursday’s downward revision was mainly due to downgrades for Germany, Europe’s biggest economy, and Ireland, noted Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics. On an annualized basis, favored in the United States, its economy grew 1.3% in the January-March period compared with the previous quarter.Įarlier official estimates of the eurozone’s economic output pointed to a slight increase in the first quarter. GDP across the Atlantic rose 0.3% in the first quarter after a 0.6% increase late last year, according to data from the Organisation for Economic Co-operation and Development. ![]() Although easing, it remains high, with overall consumer prices in May 6.1% higher than a year ago.Ī sharp fall in government spending was another key driver of the decline in GDP early this year.īoth the eurozone and the whole of the EU are now lagging the US economy. Inflation in the eurozone jumped last year when Russia’s full-scale invasion of Ukraine sent energy prices soaring. Across the European Union, gross domestic product ticked up 0.1% in the first quarter after falling 0.2% late last year.Ĭommenting on the eurozone data, Andrew Kenningham, chief Europe economist at Capital Economics, said consumption by households had been “hit hard” by high prices and rising interest rates.īut it could have been worse, given the magnitude of the “shock” to incomes once they are adjusted for inflation, according to a tweet by Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management. The broader European economy, however, avoided the downturn. In the fourth quarter of 2022, output also dipped 0.1%, the figures showed.Ī recession is typically defined as two consecutive quarters of economic contraction. In the first three months of the year, economic output in the eurozone dropped 0.1% compared with the previous quarter, according to revised official data published Thursday. The 20 countries that use the euro fell into a mild recession around the turn of the year, as high inflation discouraged consumer spending and governments tightened the purse strings. ![]()
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