Economy

    • Mexico calls for EU style Latin Union

      Mexico calls for EU style Latin Union

      The Latin American and Caribbean countries should join a bloc like the European Union, Mexico's president and other leaders noted at a summit over the weekend, in a bid to reduce the influence of Washington-based Organization of American States (OAS). This is not the first attempt the region's mainly leftist rulers to promote the idea of such organization, Reuters reported.

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    • German economy speeds by 1.6% in Q2

      German economy speeds by 1.6% in Q2

      The German economy posted a 1.6% GDP growth in the second quarter of 2021 compared to the first three months of the year. The figures show that EU biggest economy have just beat the analysts' revised latest expectations, AP elaborated The growth followed a 2% decline in the first quarter, the Federal Statistical Office said.

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    • UK GDP grows 4.8% as restrictions are lifted

      UK GDP grows 4.8% as restrictions are lifted

      The UK economy posted a robust growth as most Covid-19 restrictions were waived. In the second quarter of 2021 Britain posted a 4.8% growth of GDP, BBC reported. The Office for National Statistics confirmed that the growth was largely driven by the business expansion of retail sales, restaurants and hotels. Still the GDP growth was slightly below the expected 5% by the Bank of England.

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    • Supply bottlenecks slow the German recovery

      Supply bottlenecks slow the German recovery

      The largest EU economy posted a growth in the second quarter of this year but still missed the target set by analysts' forecasts. The supply chains bottlenecks are the main factor behind the slower rebound from the recession caused by pandemic, Reuters reported. The German economy accelerated by 1.5% quarter on quarter. That result comes after a revised contraction of 2.1% in the first quarter, and by 9.2% on annual basis, the Federal Statistics Office said.

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    • UK economy slows although restrictions waived

      UK economy slows although restrictions waived

      The UK economy in May slowed its Covid-19 recovery although travel and transport restrictions in the country were relaxed, official data showed. The slowdown was provoked by the shortage of raw materials for the industrial production and especially semiconductor chips for the making of vehicles, Reuters reported. UK GDP rose by 0.8% in May which is far below 2.0% in April and under previous forecasts of 1.5%.

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    • UK economy tumbles by 1.5% in Q1, 2021

      UK economy tumbles by 1.5% in Q1, 2021

      The economy of the UK slowed by 1.5% in the first quarter of 2021 due to extended lockdowns linked to pandemic, BBC reported. The main factor behind the fall was a sharp decrease in retail sales, the Office of National Statistics said. It elaborated that UK GDP is lower by 8.7%, compared to pre-pandemic levels. However, there was a robust recovery at the end of the first quarter estimated at 2.1 GDP growth in March.

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    • EU drives Germany to robust growth

      EU drives Germany to robust growth

      German economy enjoyed a strong rebound in March on the back of strong demand from EU Member States, AP reported. The robust growth compensated for the weak start of 2021 overshadowed by pandemic slowdown. Factory production and exports surged in Germany in March, according to official statistics. The Economy Ministry said industrial production rose 2.5% in March over February when adjusted for seasonal and calendar factors. The increase followed drops of 1.9% in February and 2.2% in January.

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    • Italy reopens tourism to kick-start economy

      Italy reopens tourism to kick-start economy

      Italy announced it was ready to welcome again foreign tourists as pandemic eased the pressure on the country’s healthcare system. The country desperately needs the key sector operating again to reboot economic growth, ANSA reported. Italy’s Foreign Minister Luigi Di Maio said: "We are reopening, with the aim of kick-starting tourism and the economy again. We must support the tourism sector, shop owners, restaurateurs.We must do business and create jobs. Italy is ready, we are working to totally supersede the 10 pm curfew, but not lower our guard. I will reiterate that we are working to welcome foreign tourists to Italy in total safety”.

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