Economy of the European Union
Surprise primary surplus for 2022
The balance of the general government eventually crossed into positive territory from as early as last year, with a primary surplus of 0.1% of gross domestic product or 273 million euros, against a forecast in the 2023 budget for a deficit of 1.6% of GDP or €3.4 billion, according to data published on Friday by ELSTAT and Eurostat, in the context of the European Union's excessive deficit proced
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Credit sector flies ever higher
Greece's four systemic banks showed high profitability of 3.7 billion euros last year, against losses of €4.7 billion in 2021, while also recording one of the highest net interest margins among European banks.
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Bulgaria has the Second Highest Hourly Wage Growth in the EU
In 2022, the average hourly wage in the entire EU economy was 22.9 euros, and in the Eurozone - 25.5 euros, according to data released today by the European statistical service Eurostat, cited by BTA. Compared to 2021, it grows by 4.4 percent in the EU and 4 percent in the Eurozone.
Increase in Construction in the EU in February - Slight Decrease in Bulgaria
Output in the construction sector of the EU, and in particular the Eurozone, rose steadily for the second month in a row since the start of 2023, while construction in Bulgaria fell, erasing a weak increase in January, Eurostat data showed.
1.6 Million Bulgarian Voters support the Eurozone - 580,000 are Against
One of the main political events in recent months, which will continue in the future, is the referendum that the "Vazrazhdane" party organized regarding Bulgaria's entry into the Eurozone. The results of the parliamentary elections could be an indicator of the opinion of Bulgarian citizens on this issue.
IMF sees major debt reduction
The International Monetary Fund sees Greece returning to fiscal consolidation, with systematic achievement of primary surpluses and debt deleveraging in the coming years, per its spring fiscal report, published on Wednesday.
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Retails sales rise 22 percent in February
Retail sales volume has increased by 21.5 percent in February from the same month of last year, data from the Turkish Statistical Institute (TÜİK) have shown.
This was lower than the 34 percent year-on-year increase in retail sales in January. Strong earthquakes hit several provinces in Türkiye's south in early February, which devastated businesses and killed more than 50,000 people.
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IMF revises upwards forecast for Greek economic growth in 2023, 2024
The International Monetary Fund (IMF) on Tuesday revised upwards its forecast for the Greek economy this year to 2.6% from its autumn forecast of 1.8% in October 2022, and said the Greek economy was expected to grow by 1.5% in 2024 from 1.4%.
VP of the European Commission: Bulgaria can Adopt the Euro on January 1st 2025
"The possible date for the adoption of the euro in Bulgaria is January 1, 2025," the Vice-President of the European Commission, Valdis Dombrovskis, told Nova TV.
Germany wants to force debt cuts in EU spending rules
Economic powerhouse Germany wants EU members to be given binding targets to slash their debts under new spending rules being prepared by Brussels, a document seen by AFP has showed.
In November, the European Commission, the EU's executive arm, put forward plans to reform the Stability and Growth Pact that limits how much EU countries can borrow.