Growth

    • EU finance ministers urge change in budget rules

      EU finance ministers urge change in budget rules

      EU finance ministers announced that any changes to the common budget rules should support continued investment in the post-pandemic economy. Currently the EU budget rules, which set limits on government borrowing to protect the value of the euro, are suspended until the end of next year to give EU countries leeway in fighting the economic slump caused by the coronavirus pandemic, Reuters reported.

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    • German services sector suffers as recovery slows

      German services sector suffers as recovery slows

      The activity in the German services sector continued rising but it is losing speed in August following robust growth in the previous month. However, businesses which had been hit by coronavirus lockdowns recovered to meet higher demand. IHS Markit's final PMI services index found that activity in the sector had fallen slightly to 60.8 from 61.8 in July, Reuters reported.

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    • Amazon opens 55,000 new jobs to fuel expansion plans

      Amazon opens 55,000 new jobs to fuel expansion plans

      US Amazon announced massive expansion plans which include the recruitment of tens of thousands new employees. The company vows to appoint some 55,000 new staff globally with emphasis on corporate jobs and roles in robotics, research and engineering, BBC reported. The main lot or about 40,000 jobs will be based in the US, another 2,500 are envisaged for the UK and the remainder mostly in India, Germany and Japan.

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    • Scotch whisky exports recover from pandemic, tariffs hits

      Scotch whisky exports recover from pandemic, tariffs hits

      The exports of the famous Scotch whisky crawled back from downturn caused by Covid-19 pandemic and the new higher US import tariffs. The Scotch Whisky Association (SWA) confirmed that the value of exports in the first half of 2021 was 31% higher than the same period of 2020 as volumes surged by 42%, BBC reported. Still the value was 10% lower than the 2019 record.

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    • German exports surge despite supply shortages

      German exports surge despite supply shortages

      Germany stunned analysts with data proving massive increase in exports, dismissing all fears that supply shortages and earmarked slowing in manufacturing may affect the recovery of the EU largest economy. The figures of the Federal Statistics Office brought relief to the market after concerns expressed last week, Reuters elaborated.

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    • Eurozone business climate rises despite Covid-19 wave

      Eurozone business climate rises despite Covid-19 wave

      The business climate in the Eurozone rose at its fastest pace in 15 years in July despite worries linked to increasing Covid-19 cases in major industrial countries. The growth was driven by the zone's key service sector, Reuters reported, quoting details of official survey. Supply chain disruptions and labour shortages resulted in higher prices of input materials across Europe. They rose at their fastest p[ace in over two decades.

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    • Reopening spurs fast EU economic recovery

      Reopening spurs fast EU economic recovery

      EU Member States economies are expected to rebound faster than previously forecasted, as activity in the first quarter of 2021 exceeded expectations and the improved health situation fueled swifter easing of pandemic control restrictions in the second quarter. According to the Summer 2021 interim Economic Forecast, the economy in the EU and the Eurozone is set to grow by 4.8% this year and 4.5% in 2022.

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    • Services drive Eurozone to record business growth

      Services drive Eurozone to record business growth

      Eurozone posted robust business growth in May fueled by surging service sector, Reuters reported. The record pace of growth was initiated by very strong demand for services in the Eurozone as Covid-19 related restrictions were eased in most countries. The service sector plays a dominant role in the bloc, but the spurred spending also pulled up the factory activity which registered the fastest monthly growth rate on record.

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    • Eurozone business growth surges to 3-year high

      Eurozone business growth surges to 3-year high

      The Eurozone had posted a rapid business growth in May on the back of reopening of economies from pandemic lock downs and robust rise of the service sector, Reuters reported. The service sector has followed the increased activity in the manufacturing sector. With vaccination roll-out gaining speed the restart of economic activities is already possible. The latter is coupled by lifting most of the Covid-19 restrictions.

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