Recessions

A survey by the Turkish Statistics Institute (TÜİK) has shown that confidence in the economy further eroded.

The economic confidence index declined for a third month in a row, falling 2.5 percent month-on-month to 95.8 in June, the statistics authority said on June 27.

The gauge of confidence was down 1 percent in April and declined 0.8 percent in May.

Consumer morale declined for the first time since February in June as households' expectations for the general economic outlook and their financial situation deteriorated.

Total passenger traffic at Greek ports in the fourth quarter of 2023 recorded an increase of 11.1% compared with the fourth quarter of 2022.

An increase of 19.1% was recorded in the corresponding comparison of the fourth quarter of 2022 with the fourth quarter of 2021, the Hellenic Statistical Authority (ELSTAT) said on Monday.

The National Statistical Institute (NSI) reported deflation for the second consecutive month. In May, retail prices decreased by 0.2 percent following a 0.3 percent drop in April, according to NSI data.

The last instance of two consecutive months of deflation was in 2020, with monthly decreases recorded in March, April, May, and June.

Home sales have declined for a third month since the start of this year as mortgage-financed sales continued to plunge but the pace of annual growth in home prices continued to ease.

Britain exited recession with stronger-than-expected growth in the first quarter of 2024, official data showed Friday, in a boost to embattled Prime Minister Rishi Sunak ahead of this year's election.

The eurozone economy rebounded in the first quarter from a mild recession as Germany returned to growth and expansion accelerated elsewhere, while inflation steadied to reinforce the case for the European Central Bank to cut interest rates.

Business morale improved while the capacity utilization rate in the key manufacturing sector increased in April, separate data from the Central Bank showed on April 24.

The real sector confidence index rose 1.6 percent month-on-month in April to 106.1. This also marked the index's highest level since July last year when the gauge of business sentiment was 106.8.

Unemployment, which reached historic highs of 27.2% in 2013, has now fallen to 10%, while the non-performing loan rate in Greek banks has dropped to 7%

China's economy experienced robust growth in the first quarter of 2024, defying market expectations and signaling resilience amid challenges in the property market. According to data released by the National Bureau of Statistics, the world's second-largest economy expanded by 5.3% on an annual basis, surpassing forecasts for GDP growth of 4.6%.