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Economics Gazette

Economy and Business news

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October 19, 2017

Greek economy performs worse than expected by creditors in 2016

The Greek economy has shrunk by 0.2% in 2016, according to revised statistics of the local agency Elstat. This means that the country was still in a recession and economic is worse than the creditors’ expectations. The European institutions predicted economic growth of 0.3% last year and the International Monetary Fund (IMF) even revised its

Economics

Japanese industrial production grew less than expected in August 2017

Japanese industrial production grew less than expected in August 2017, according to data from the Ministry of Economy, Trade and Industry. The industrial production recorded a monthly growth of 2% in August compared to July, instead of the previously expected 2.1%. The indicator recorded a decrease of 0.8% in the previous month. In the eighth

US consumer prices rose by 0.5% in September 2017

The US consumer prices rose by 0.5% in September 2017, which is the biggest growth in 8 months. The result is a reflection of a new strong appreciation of energy as a consequence of Hurricane Harvey, which shut down refineries along the Gulf Coast and pushed gasoline prices up across the country. The Labor Ministry

ECB believes in future wage and inflation growth

Wages and inflation in the Eurozone will rise in the future, but slower than initial expectations, which will require patience from central bankers, according to the European Central Bank (ECB) Governor Mario Draghi. The wage growth has failed to respond to incentives for a number of reasons, but the ECB remains confident that the main

Markets

OPEC respects its promise to reduce oil production to 86%

The Organization of Petroleum Exporting Countries (OPEC) respects its promise to reduce oil production to 86%, according to the International Energy Agency (IEA). “Their compliance is about 86 percent, higher than in the past… whether or not they will continue with this plan in November it’s up to them”, said the executive director of IEA,

Eurozone trade balance continues to be positive in August 2017

Eurozone trade balance continues to be positive in August 2017 at a level of 16.1 billion EUR, although it is slightly slowing on an annual basis. For comparison, in August 2016, it was 17.5 billion EUR, according to Eurostat’s preliminary seasonally unadjusted data. The single currency area has exported goods to the rest of the

Copper prices are rising to a three-year high

The copper prices are rising to a three-year high, leading to growth of other industrial metals. The momentum for the dynamics came from data from China, which showed that production prices in the country have risen to a six-month high in September. The production inflation stood at 6.9% on an annual basis, which is above

Employment

US jobless claims decreased after weakening of the hurricanes impact

US jobless claims decreased during the last week after weakening last month’s hurricane impact on the US economy. The US Department of Labor announced today that weekly applications fell by 15,000 to 243,000 with seasonal factors. The applications have fallen in Texas and Florida, where hurricanes Harvey and Irma suffered heavy damage in late August

German plant of Coca-Cola moves its staff in Bulgaria

The German subsidiary of Coca-Cola plans to close its center in Weimar and move some staff from the Human Resources and Finance departments in Bulgaria, announced Anja Schenk fro the Public Affairs and Communications unit. “To achieve the highest possible standardization within the entire European organization of Coca-Cola European Partners, part of the financial and

US private sector adds 135,000 jobs in September 2017

The US private sector adds 135,000 jobs in September 2017, according to ADP’s regular monthly report. The values ​​largely justify economists’ expectations of about 140,000 new positions. However, the September data is a slowdown, compared to previous month. The the August data are revised slightly downwards: from 237,000 to 228,000 jobs. The details of the

Employment and economic growth in the EU are steadily rising

Employment and growth in the European Union (EU) are steadily rising, announced by the European Commission in its latest quarterly review of employment and social development in the region. The EU employment continues to grow steadily in almost all Member States. In the second quarter of 2017, employment increased by 1.5% compared to the same