Great Recession in Europe

Retail sales volume has increased by 21.5 percent in February from the same month of last year, data from the Turkish Statistical Institute (TÜİK) have shown.

This was lower than the 34 percent year-on-year increase in retail sales in January. Strong earthquakes hit several provinces in Türkiye's south in early February, which devastated businesses and killed more than 50,000 people.

This week will see the releases of some key macroeconomic data, including the current account balance, industrial production and jobless rate.

Today, the Central Bank will announce the current account figures for February. Analysts expect the current account gap to be around $8.5 billion in February.

The Bulgarian economy will slow its growth to 1.8 percent this year, according to the spring macroeconomic forecast of the Ministry of Finance.

Due to the Russian war against Ukraine, an alternative scenario has also been developed, according to which the growth of the gross domestic product (GDP) at current prices may deviate downwards by between 0.5 percentage points.

Inflation in the eurozone slowed more sharply than expected in March but food prices jumped even as energy costs eased, official data showed on March 31.

Consumer prices rose by 6.9 percent on an annual basis, down from 8.5 percent in February, according to the European Union's statistics agency.

The Eurozone economy will avoid recession this winter after growing by 0.1% in the fourth quarter of 2022, according to official data from the European Union's Statistics Agency.

The figure was lower than the 0.3% growth recorded in the third quarter of 2022, but better than economists' forecasts for a contraction.

The retail sales volume index rose by 12.1 percent in November 2022 from a year ago, data from the Turkish Statistical Institute (TÜİK) have shown.

Food, beverages and tobacco product sales increased by 5.7 percent on an annual basis, while non-food retail sales exhibited a yearly rise of 17.7 percent.

Automotive fuel sales were up 4 percent.

Factory orders in Germany dropped 5.3 percent in November compared with the previous month, on a sharp drop in foreign demand, official figures showed on Jan. 6.

New orders, an important indicator for Europe's biggest economy, dropped for the third time in four months following a 0.6 percent uptick in October.

A sharp tightening of financial conditions amid high inflation could lead to a recession in the global economy in 2023, according to the International Monetary Fund's (IMF) World Economic Outlook report released today.

Consumer prices in Türkiye increased by 1.46 percent in August from the previous month, easing from the monthly increases of 2.37 percent in July and 4.95 percent in June, data from the Turkish Statistical Institute (TÜİK) have shown.

Consequently, the annual inflation rate advanced from 79.6 percent in July to 80.2 percent last month.

Retail prices in Istanbul increased by 2.3 percent in August from July, the Istanbul Chamber of Commerce (İTO) said yesterday.

Retail prices in the country's largest city rose by 99.1 percent last month from a year ago and by 64.9 percent from the end-2021.