Recessions

The Swedish economy contracted more than expected in the second quarter as exports from the Nordic country fell, official statistics showed on July 28.

Sweden's economy shrank by 1.5 percent in the April-to-June period compared to the same quarter last year, according to Statistics Sweden's preliminary data.

Analysts had expected a drop of 0.5 percent, according to Bloomberg.

China's economy grew at a 6.3 percent annual pace in the April-June quarter, much lower than analysts had forecast given the slow pace of growth the year before.

The world's second-largest economy is expected to slow further in coming months given slack consumer demand in China and weaker demand for Chinese exports in other economies as their post-pandemic recoveries lose momentum.

Singapore's economy grew more than expected in the second quarter, data showed on July 14, helping it avoid a recession, but analysts warned the trade-dependent city faced headwinds owing to weak overseas demand.

The Southeast Asian nation's performance is often seen as a barometer of the global environment because of its reliance on international trade.

A closely watched survey has showed that Türkiye's large construction sector may be on track for recovery.

The construction activity index climbed to a 21-month high in June, according to the survey conducted by the Turkish Ready Mixed Concrete Association (THBB).

All sub-indices pointed to a recovery in the construction sector compared with last year, said the association.

The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic.

The Cyprus Composite Leading Economic Index (CCLEI) continued its positive year-over-year growth trend in April 2023, providing further support for the economic forecasts of the Cypriot economy. Despite expectations of a slowdown, the economy is seen avoiding a recession, as indicated by the Economics Research Center (ERC) of the University of Cyprus' Economics Department.

Britain's economy grew 0.1 percent over the first quarter despite weakening in March, official data revealed Friday, as output continues to be hit by high inflation and strikes.

After narrowly avoiding recession last year, the economy advanced 0.5 percent in January before flattening in February and sliding 0.3 percent in March, the Office for National Statistics said in a statement.

German industrial orders suffered their biggest fall in March since 2020, official data showed Friday, fuelling fears that Europe's biggest economy is entering a sharp downturn.

The Bulgarian economy will slow its growth to 1.8 percent this year, according to the spring macroeconomic forecast of the Ministry of Finance.

Due to the Russian war against Ukraine, an alternative scenario has also been developed, according to which the growth of the gross domestic product (GDP) at current prices may deviate downwards by between 0.5 percentage points.

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.