Late-2000s recession in Europe

The Turkish automotive market has annually contracted by 7.4 percent in August, marking a remarkable decline in the pace of contraction that gripped the sector since the beginning of the year The contraction in the Turkish automotive market slowed down in August thanks to the diminished impact of the currency rate and the recovery in the commercial vehicles market.

Eurozone retail sales slowed as expected in July, data showed on Wednesday, adding to worries about eurozone economic growth, which ground to a halt in the second quarter.

President Traian Basescu on Thursday said that according to the standards of the European Union, Romania has entered recession, adding that economy in Romania is booming only in the imagination of Prime Minister Victor Ponta.

Despite the slowdown registered in Q2 in its growth pace, Romania's economy is still on track for the 2.8 percent year-end growth target the state budget is built upon, Minister-delegate for Budget Liviu Voinea told AGERPRES on Thursday.

Greece’s trade deficit recorded a 9.5 percent increase in the January-May period this year compared with the first five months of 2013, data compiled by the Hellenic Statistical Authority (ELSTAT) revealed on Friday. Imports posted a small decline, but this was dwarfed by the drop in exports, which upset the trade balance.

Greece's economy should grow 0.7 percent this year, pulling clear of a six-year recession, but its soaring unemployment rate is likely to drop less than hoped, the country's leading economic think tank said on Wednesday.

Summer sales at retail stores are to begin on July 14 and run until August 30, it was announced on Monday.

Shops will remain open on Sunday, July 10 from 11 a.m. to 8 pm.

Greek retail sales by volume rose 7.3 percent in April compared to the same month last year, marking the strongest rise in more than two years.

Retail sales in Greece rebounded in April, data showed on Monday, with Easter shopping helping to post the strongest rise in more than two years.

Retail sales by volume rose 7.3 percent year-on-year after a downwardly revised 1.2 percent drop in March, according to statistics service ELSTAT.

By Martin Santa

Eurozone employment rose for the second consecutive quarter in the first three months of the year in a sign the recovery was finally helping the labor market and a widening trade surplus signaled a further positive contribution to growth in April.

Citing tough winter conditions in the U.S. and the Ukrainian crisis, the World Bank has lowered its 2014 growth forecasts for the global economy, also darkening its view on the Turkish economy.

In its biannual Global Economic Prospects report, the World Bank slashed its Turkish growth forecast from 3.5 to 2.4 percent for this year, also trimming 2015 and 2016 estimations.