Europe

EU agri-food trade surplus reaches $5.43 billion in April 2024, driven by higher prices and increased exports

Exports reached €19.8 billion ($21.5 billion), mainly due to increased prices of olives and olive oil

EU, Singapore conclude negotiations for landmark Digital Trade Agreement

The agreement aims to build trust, ensure predictability for businesses, and remove barriers to digital trade

New U.K. business growth jumps to 15-month high in July, says PMI

Job numbers at manufacturing firms were stable in July, ending a 21-month sequence of decline

Euro area government debt rises to 88.7 percent of GDP in Q1 2024

The highest ratio of government debt to GDP in the euro area was in Greece at 159.8 percent

Bank of England rate cut bets rise as inflation steadies at 2 percent target

The Bank of England's interest reached a 16-year high of 5.25 percent in August 2023

Euro area international trade surplus hits $15.20 billion in May 2024

In the first five months of 2024, the euro area recorded a trade surplus of 84.9 billion euros

France’s economy projected to grow 0.9 percent in 2024, 1.3 percent in 2025: IMF

Real GDP grew by 1.1 percent in 2023, supported by net exports, while consumption remained weak

U.K. GDP grows 0.4 percent in May 2024 on greater construction, service output

Service output was the largest contributor to the U.K.'s monthly GDP growth in May 2024

Eurozone unemployment rate marginally declines to 6.4 percent in May

Unemployment among young persons in the eurozone reached 14.2 percent in May

U.K. manufacturing activity grows in June, input cost inflation at 17-month high: PMI

Tight supply lines, higher import costs and freight issues also contributed to higher purchase prices

Germany’s inflation eases to 2.5 percent in June, paving way for ECB rate cut

Inflation in Europe's largest economy had already slackened to 2.3 percent in March, its lowest level since June 2021

Germany’s renewable energy share reaches 58 percent in first half of 2024

Photovoltaic systems generated more than 10 billion kilowatt hours of electricity in one month for the very first time in June

Germany’s unemployment rate rises to 6 percent in June

Unemployment in Germany rose to 2.727 million individuals in June, a monthly increase of 4,000

Denmark to introduce first-ever carbon tax on agriculture

The deal calls for taxing farmers 300 Danish crowns ($43.16) per ton of CO2 in 2030, increasing to 750 crowns by 2035

Spain’s GDP expands 2.5 percent annually in Q1 2024, exceeding initial estimates

GDP grew by 0.8 percent sequentially, a faster pace than the 0.7 percent growth seen in the fourth quarter of 2023

ECB may cut interest rates twice more this year, to reach as low as 2.25 percent in 2025

While the ECB must ensure inflation returns to 2 percent, it shouldn’t overly dampen economic activity with interest rate cuts

Eurozone business recovery slows in June as activity hits 3-month low: PMI

After hitting a 27-month high in May, business confidence across the eurozone declined in June

U.K. public debt rises to $3.47 trillion in May, highest since 1961

Borrowing in the U.K. reached 33.5 billion pounds in the first two months of the financial year

Oracle to invest over $1 billion in AI and cloud computing in Spain

Madrid is expected to receive investments of more than 6 billion euros from the cloud industry in the next three years

Amazon invests $10.75 billion in Germany to expand cloud and logistics services

AWS also announced last month plans to invest €7.8 billion in the AWS European Sovereign Cloud from 2024 to 2040

Swiss National Bank lowers key interest rate to 1.25 percent in second round of rate cuts

The SNB now expects inflation to be 1.3 percent in 2024, 1.1 percent in 2025, and 1 percent in 2026.

U.K. inflation reaches central bank’s 2 percent target: Will policymakers respond with rate cuts?

This marks the lowest annual increase in the consumer price index since mid-2021, in line with analysts' forecasts

EU to impose up to 38 percent in tariffs on Chinese battery electric vehicles

The EU will start applying provisional tariffs on imported Chinese electric vehicles by July 4

ECB shouldn’t rush or delay future interest rate cuts: Bank of France governor

France central bank governor calls on governments and regulators to boost capital markets union to help close investment gap