Great Recession in Europe

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

EU auto sales slumped by 14 percent in the first half of this year, data showed on July 15, as supply shortages continued to plague manufacturers.

With the lack of computer chips still hobbling production, new auto sales slumped to 4.6 million in the European Union, data from the European Automobile Manufacturers Association showed.

Türkiye's industrial production increased by 9.1 percent in May from a year ago, after rising 10.8 percent in the previous month, data from the Turkish Statistical Institute (TÜİK) showed yesterday.

On a seasonally and calendar adjusted basis, the country's industrial output rose 0.5 percent in the month from April, TÜİK said.

The headline construction cost index increased by 3.97 percent on a monthly basis in May, easing from the 6.12 percent rise in the previous month, data from the Turkish Statistical Insitute (TÜİK) have shown.

The annual increase in the construction cost index also slowed from 106.6 percent in April to 105.7 percent, TÜİK said.

Industrial production that increased by 9.8 percent in March rose by another 10.8 percent on an annual basis in April, while retail sales grew nearly 15 percent, the Turkish Statistical Institute (TÜİK) said yesterday.

The country's industrial output grew 7.6 percent and 13.3 percent in January and February, respectively.

Authorities will release crucial economic data this week, including growth for the first quarter and inflation for May.

On May 31, the Turkish Statistical Institute (TÜİK) will release the gross domestic product (GDP) figures for January-March.

The International Monetary Fund on April 19 downgraded the outlook for the world economy this year and next, blaming Russia's war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants.