Recessions
13th evaluation: Positive conclusion – Alarm over uncertainty for inflation
The Commission emphasizes the positive prospects of the economy in its report on the conclusion of the 13th evaluation, while it sees the rise in energy prices as a source of uncertainty. It emphasizes, among other things, that Greece has recovered quickly from the pandemic and the prospects remain strong, although they are subject to high uncertainty.
Germany to enter recession due to virus
The Bundesbank has said the latest wave of the coronavirus pandemic risked pushing the German economy - Europe's largest - into a technical recession before staging a recovery from the second quarter.
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Bottlenecks squeeze German output in December
Germany's industrial production posted a decline in December 2021 by 0.3 percent versus the previous month, the country's statistical authority said yesterday.
"Compared with December 2020, the decrease in calendar-adjusted production in industry amounted to 4.1 percent," Destatis said in a press release.
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Growth slows at end of 2021 in 19 countries that use euro
The European economy slowed noticeably at the end of last year as surging COVID-19 cases driven by the Omicron variant piled on top of supply shortages and rising energy prices that dented consumer purchasing power.
Spain economy grows by 5 percent in 2021: statistics institute
Spain's economy grew by 5.0 percent in 2021, showing a remarkable bounceback from a year earlier but below the government's target, an initial estimate by the National Statistics Institute (INE) showed on Jan. 28.
OECD cuts world growth forecast, warns of Omicron threat
The Organization for Economic Co-operation and Development (OECD) has revised up its 2021 growth forecast for Turkey by 0.6 percentage points to 9 percent.
"In the absence of further shocks, GDP growth is projected to be 9 percent in 2021 before easing to 3.3 percent in 2022 and 3.9 percent in 2023," the OECD said in its Economic Outlook report released on Dec. 1.
Turkish economy resilient to shocks: Fitch
The Turkish economy has been successful in showing resilience against various shocks to continue expanding, Fitch Ratings senior director and primary rating analyst Erich Arispe Morales said on Nov. 5.
Turkey's financial sector acts as an "anchor" for the economy, he said.
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Bulgaria: Prices Will Rise More Steeply than Expected - Finance Ministry
The Ministry of Finance has revised its autumn forecast for economic development. According to new estimates, real gross domestic product (GDP) growth will reach 4%, and next year will be heading towards 5% with a forecast of 4.9%. The main reason for accelerating economic growth will be investment, as well as the stabilization of the private sector after the Covid crisis.
Bulgarian Economy Will Recover Slower Compared to Global Levels According to Analysis
Bulgarian economy is expected to grow at a slower pace than the global one, growing by 3.5% in 2021 and by 3.8% in 2022. At the same time, however, the global economy is expected to grow by 5.5% in 2021 and 4.2% in 2022, according to a new analysis by leading commercial credit insurer EH.
Turkish economy sees growth of 21.7 pct in second quarter
The Turkish economy expanded 21.7 percent year-on-year in the second quarter of 2021, official data revealed on Sept. 1.
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It has been the highest annual growth rate since 1999.