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gdp

For next year

Croatia's tourism sector short of one-third of workforce

Zagreb - Croatia's tourist facilities face a shortage of up to one-third of their workforce next year, head of the national association of biggest tourist firms Veljko Ostojic said on Friday. Croatia's tourist industry, largely focused on the summer months on the popular Adriatic coast, accounts to almost 20% of the country's gross domestic product (GDP) and many seasonal workers can earn more in other countries

In sharp recovery

Dutch economy to grow 3.2% in 2021

Amsterdam - The Dutch economy is expected to recover much faster from its coronavirus slump than expected, as the rollout of vaccinations lets businesses reopen, government policy adviser CPB said on Tuesday

IEA says

Radical change needed to reach net zero emissions

London - The window of opportunity for reaching net zero emissions by mid-century is narrowing unless the world radically changes the way energy is produced, used and transported, the International Energy Agency (Iea) said on Tuesday

Nina Chestney
IMF says

Saudi Arabia could ease fiscal adjustment to help recovery

Dubai - Saudi Arabia's plans to balance its finances are making good progress but a slower pace of adjustment could be considered this year to support the recovery from the coronavirus crisis, the International Monetary Fund said on Monday

Davide Barbuscia
Figures released by the Federal Statistics Office showed

Chinese demand helps German manufacturers weather COVID-19 pandemic

Berlin - Germany's industrial sector avoided a contraction in December despite coronavirus lockdowns at home and abroad as strong demand from China helped export-oriented manufacturers in Europe's largest economy weather the COVID-19 pandemic. Industrial output was flat on the month after an upwardly revised increase of 1.5% in the previous month

Michael Nienaber
Weighed down by COVID-19 and oil prices

Nigeria slips into recession

Lagos - Nigeria has slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to data released on Saturday which showed the impact of the COVID-19 pandemic and low oil prices. Africa's biggest economy was last in recession in 2016, its first in a generation

Alexis Akwagyiram and Chijioke Ohuocha
Recovery Fund

Spain faces unusual problem: how to spend billions in crisis funds

Madrid - After securing a generous portion of European Union recovery funds for the coronavirus crisis, Spain faces an unlikely problem - how to make use of all the money, government sources told: "This is not a crisis of dough (money), it is a crisis of ideas," one of the sources said, referring to concrete investment projects to help the economy out of a record recession. In a country that has not managed to approve a full-year budget since 2016

Belén Carreño
The report

Global net zero emissions goal would require $1-2 trln a year investment / FOCUS

London - Achieving net zero emissions by mid-century would cost an estimated $1 trillion-$2 trillion a year of additional investments, or 1-1.5% of global gross domestic product, a report by the Energy Transitions Commission (ETC) said on Wednesday. To limit global warming to 1.5 degrees Celsius this century, global greenhouse gas emissions will need to reach net zero

Nina Chestney
Statistics

Turkey's economy shrinks nearly 10% in Q2 under pandemic impact

Istanbul - Turkey's economy contracted by 9.9% in the second quarter as a coronavirus lockdown brought activity to a near standstill, according to data on Monday that showed its worst year-over-year performance in a decade

Daren Butler and Ali Kucukgocmen
Bok data

North Korea economy returns to grow

Seoul - The economy of isolated North Korea grew for the first time in three years in 2019 as better weather conditions boosted crop yields, but sanctions imposed to stop its nuclear ambitions kept factory output weak, South Korea's central bank said. Gross domestic product (GDP) in North Korea last year rose 0.4%

Amid EU aid

For all the debt, new Italy or Spain bonds may be hard to find / FOCUS

Amsterdam - Investors may struggle to find new southern European government bonds for the next two years, as the European Union's support programmes could cover much of the new funding needs of countries worst hit by the pandemic. Together with ongoing European Central Bank bond buying, the net supply of new sovereign Italian bonds to the open market may even shrink

Yoruk Bahceli
Statistics

UK economic output collapses by record 20% in second quarter

London - Britain's economy shrank by a record 20.4% between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, according to official figures published on Wednesday. The data also showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row

After port blast

Next Lebanon government to face $30 billion reform test / FOCUS

Beirut - Lebanon may be in line for $298 million in emergency aid after the Beirut port blast, but the more than $30 billion some estimate it may need to rebuild its shattered economy will not be forthcoming without reform

Tom Arnold and Ghaida Ghantous
A rebound is expected within 2021-2022

Philippines suffers first recession in 29 years

Manila - The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity