Great Recession in Europe

EU: The Eurozone will avoid Recession this Winter

The Eurozone economy will avoid recession this winter after growing by 0.1% in the fourth quarter of 2022, according to official data from the European Union's Statistics Agency.

The figure was lower than the 0.3% growth recorded in the third quarter of 2022, but better than economists' forecasts for a contraction.

Retail sales grow more than 12 percent

The retail sales volume index rose by 12.1 percent in November 2022 from a year ago, data from the Turkish Statistical Institute (TÜİK) have shown.

Food, beverages and tobacco product sales increased by 5.7 percent on an annual basis, while non-food retail sales exhibited a yearly rise of 17.7 percent.

Automotive fuel sales were up 4 percent.

German factory orders down sharply

Factory orders in Germany dropped 5.3 percent in November compared with the previous month, on a sharp drop in foreign demand, official figures showed on Jan. 6.

New orders, an important indicator for Europe's biggest economy, dropped for the third time in four months following a 0.6 percent uptick in October.

Annual inflation rate at 80 percent

Consumer prices in Türkiye increased by 1.46 percent in August from the previous month, easing from the monthly increases of 2.37 percent in July and 4.95 percent in June, data from the Turkish Statistical Institute (TÜİK) have shown.

Consequently, the annual inflation rate advanced from 79.6 percent in July to 80.2 percent last month.

Turkish economy grew 7.6 percent in second quarter

The GDP growth accelerated from 7.3 percent in the first quarter of 2022 to 7.6 percent in the April-June period, data from the Turkish Statistical Institute (TÜİK) have showed.

On a seasonally and calendar adjusted basis, the economy grew 2.1 percent in the second quarter from January-March, up from the quarterly growth of 0.7 percent recorded in the previous quarter.