Britain’s economic output grew 0.2 percent in August after contracting 0.6 percent in July, the Office of National Statistics reported. The increase matched the expectations of economists surveyed by The Wall Street Journal.
Tag: Economy
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SALES OF LUXURY GOODS SLOWS
Luxury conglomerate LVMH reported sales grew 9 percent in this year’s third quarter, falling by almost half from the 17-percent gain in the second quarter.
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EUROPE’S GAS PRICES JUMP AS TRADERS FEAR SHORTAGES
On 12 October, natural gas prices in Europe shot up to their highest since March as traders worried that the new Mideast war will sharpen global demand for fossil fuels. Also, Finland speculated that a leaking pipeline between it and Estonia had been sabotaged.
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TOP TREND 2022, DRAGFLATION: EU WRESTLES WITH HIGH PRICES, SLOW GROWTH
Inflation in the Eurozone is stuck at too high a level and wage growth is keeping upward pressure on prices, Christine Lagarde, president of the European Central Bank (ECB), said in a speech last week at the annual meeting of the International Monetary Fund in Morocco.
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“HIGHER FOR LONGER” PRESAGES HARD TIME AHEAD, WORLD BANK SAYS
Higher interest rates lasting for a longer period around the world means a hard slog for the global economy, World Bank officials warned at the beginning of the bank’s annual meeting last week.
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TOP TREND 2020, NEW WORLD DISORDER: CONFIDENCE IN ECONOMIC FUTURE LAGS
Economic growth in both advanced and emerging economies has ground to its slowest pace since the COVID War, according to the Brookings-Financial Times Tracking Index for the Global Economic Recovery.
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OIL PRICES PASS $90 AS MIDEAST WAR ESCALATES
The price of benchmark Brent crude oil broke through $90 on 13 October as Israel prepared to launch an armed assault in Gaza and speculation grew that Iran might intervene on behalf of terrorist group Hamas.
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WORLD ECONOMY IS “LIMPING”
Sustained high interest rates, the war in Ukraine, the unraveling of global trade networks, and now the new Mideast war have left the global economy “limping along, not sprinting,” the International Monetary Fund (IMF) said in an overview at its annual meeting last week.
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SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
In this year’s third quarter, the proportion of office space standing vacant in San Francisco reached 20 percent, compared to 6.3 percent before the COVID War and the highest since 2003. New York City’s share of empty offices was 13.4 percent, also close to a 20-year record.
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SPOTLIGHT: CHINA’S ECONOMIC STRUGGLE
With their country facing an extended period of economic uncertainty, well-off Chinese are sneaking cash out of the country with the help of people they have never met or even spoken to, using a system known as hawala.