Recessions

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

The Turkish construction sector may grow about 4.5 to 5 percent this year, according to the Association of Construction Material Producers (İMSAD).

The construction sector's growth rate remained above the GDP expansion in the past four quarters, the association said in its monthly report.

The United Nations has issued a somber global economic forecast for 2024, pointing to challenges from escalating conflicts, sluggish global trade, persistently high interest rates and increasing climate disasters.

The economic confidence index increased by 1.1 percent in December after declining 1.3 percent in the previous month, the Turkish Statistical Institute (TÜİK) has said.

Even though it climbed to 96.4, the index still remained below the 100-mark. Any index figure above 100 indicates an optimistic outlook regarding the general economic situation.

The retail sales volume at constant prices increased by 13.7 percent in October from a year ago, the data from the Turkish Statistical Institute (TÜİK) have shown.

The European Commission's latest autumn economic forecast reveals Bulgaria's anticipated economic slowdown in 2023 and 2024, followed by a predicted rebound in 2025. Projections indicate a decrease in imports and exports alongside steady household consumption levels, set to rise gradually in the coming months of 2024.

China's exports fell at a faster pace than predicted in October, data showed yesterday, as the world's second-largest economy is buffeted by faltering global demand and a sluggish domestic recovery.

Confidence in the Turkish economy increased for a second month in a row in October, data from the Turkish Statistical Institute (TÜİK) have shown.

The economic confidence index advanced 1.2 percent from the previous month after rising 1.3 percent month-on-month in September.

Any index figure above 100 indicates an optimistic outlook about the general economic situation.

Italian energy giant Eni said on Oct. 27 its net profit fell 67 percent to 1.91 billion euros in the third quarter of 2023, hit by falling oil and gas prices.

The figure was however higher than predicted by analysts surveyed by financial data firm FactSet, who had forecast a profit of 1.64 billion euros.

Adjusted net profit also fell, by 51 percent to 1.81 billion euros.

BELGRADE - At a session chaired by Serbian PM Ana Brnabic, a council tasked with coordinating activities and measures aimed at promoting GDP growth said on Monday there had been visible signs of stabilisation and economic recovery in Q3, that inflation was declining and that planned GDP growth of 2.5 pct could be expected to materalise in 2023 despite a major economic slowdown in Europe.