Great Recession in Europe

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.

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.

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.

A sharp tightening of financial conditions amid high inflation could lead to a recession in the global economy in 2023, according to the International Monetary Fund's (IMF) World Economic Outlook report released today.

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.

Retail prices in Istanbul increased by 2.3 percent in August from July, the Istanbul Chamber of Commerce (İTO) said yesterday.

Retail prices in the country's largest city rose by 99.1 percent last month from a year ago and by 64.9 percent from the end-2021.

French annual inflation eased in August from a three-decade high, the first slowdown in over a year, official data showed yesterday.    

Consumer prices hit 5.8 percent in August compared to 6.1 percent in July, which was the highest level since 1985, according to statistics institute INSEE.    

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.

The economic confidence index increased by 1 percent in August from July to 94.3, the Turkish Statistical Institute (TÜİK) has said. 

Any figure above the 100-mark indicates an optimistic outlook regarding the general economic situation.

The headline confidence index was down 0.2 percent month-on-month in July. 

Banking reported the highest average attendance rates with a total of 47 percent