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Economics Gazette

Economy and Business news

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October 24, 2017

Industry is still the main economic activity in the EU

Industry is still the main economic activity in the European Union (EU), according to Eurostat data for 2016. The sector accounts for 19.4% of the gross added value in the community. The services, retail and transport sectors generate 19% of gross added value, while activities such as education, public administration, protection, health and social activities

Economics

France adopted controversial tax reform

French MPs approved the controversial tax reform of the wealth tax, which according to President Emmanuel Macron will help restart the economy. Left opposition, however, thinks this is a gift to the rich. After a day of debate and weeks of controversy, the presidential majority approved the reform. She also received the support of the

Chinese economy growth slows down slightly in Q3 2017

Chinese economy growth slows down slightly to 6.8% yoy in Q3 2017, but meets the expectations of the analysts. The market experts expected China’s Gross Domestic Product (GDP) to grow by 6.8% in the July-September period against 6.9% in the April-June. The growth is boosted by strong retail and export sales, though experts have warned

British inflation accelerates in September 2017

British inflation accelerates in September 2017 to its highest level of more than 5 years, encouraged by more expensive food and transport. The consumer prices are rising by 3% you, the most dramatic pace since April 2012, according to data from the National Statistical Service. In August, the inflation was 2.9%. The acceleration of inflation

Markets

Asian oil hub turns to renewable energy

Singapore has tested technologies that will allow the Asian oil hub to increase the amount of green energy and to keep much of it when needed. The country will use solar panels placed in vessels and skyscrapers. If technology is successful, it will be able to deliver up to 25% of the electricity needed. The

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

Chinese unemployment rate dropped

Chinese unemployment rate dropped significantly, reaching 3.95% at the end of September, but employment still faces challenges. From January to September this year, 10.97 million new jobs were created in China, up from 300,000 compared to the previous year. The data show that the annual target set by the authorities is fulfilled. However, the increase

US jobless claims dropped to their lowest level in 44 years

US jobless claims dropped to their lowest level in 44 years, indicating a recovery in employment growth after the impact of hurricanes Harvey and Irma in September 2017. The US Department of Labor announced today that weekly applications for unemployment benefits fell by 22,000 to 222,000, taking into account seasonal factors. The number of monthly

UK unemployment stays at 42-year low in June-August 2017

UK unemployment stays at 42-year low in the period June-August 2017. The share of the unemployed people remains at 4.3%, below the 4.5% threshold seen by the Central Bank of England (BoE) as equilibrium, which is beginning to exert inflationary pressure. Jobseekers are down by 52,000 to 1,44 million people. The employment rises by 94,000

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