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German economic growth stagnates while other economic news emerges


Sep 1, 2023

This weekly round-up brings you the latest stories from the world of economics and finance.

Top economy stories:

1. German economy posts zero growth in second quarter
– German gross domestic product (GDP) remained level between the first and second quarters of 2023.
– Year-on-year, the economy contracted by 0.2% in the second quarter, following a technical recession last winter.
– A Bundesbank report expects GDP to remain largely unchanged in the third quarter.
– The mood among businesses in Germany fell in August, according to data from the Ifo Institute.
– The government has responded with 32 billion euros ($34.63 billion) in corporate tax cuts to boost the economy.

2. Indian economy grows at quickest pace in a year
– India’s GDP grew at 7.8% in the quarter running from April to June.
– The growth was driven by services activity and strong demand.
– The country’s chief economic advisor kept the 6.5% growth forecast for 2023.
– Economists have warned about the impact of unusually dry weather, which could constrain consumer spending.

3. News in brief: Stories on the economy from around the world
– US economic growth was slower than expected in the second quarter, but still grew at a 2.1% annualized rate.
– Argentina will offer benefits for workers and pensioners to counteract rising inflation.
– Australian inflation slowed to a 17-month low in July, boosting expectations that interest rates might not need to rise again.
– Spanish and French inflation rose in August.
– UK home sales this year are set to hit their lowest mark in a decade.
– Factory activity in China shrank for a fifth straight month in August.

4. More on finance and the economy on Agenda
– A survey from EY reveals what CEOs are thinking about the economy, including artificial intelligence and merger and acquisition intentions.
– A United Nations report examines Africa’s potential role in global supply chains for the green transition.
– The Multidimensional Poverty Index provides insight into global poverty and the actions needed to tackle it.

By Editor

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