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Europe's economy stagnates during 2024 end as Germany's struggles persist

Europe's economy stagnated at the end of last year as former growth engine Germany floundered to the end of a second straight year of shrinking output, officials said Thursday. Gross domestic product was flat with a zero increase in the final quarter of 2024 in the 20-nation eurozone, EU statistics agency Eurostat said. The economy slowed from 0.4% growth in the third quarter as businesses were unsettled by possible trade disruptions under the new administration of U.S. President Donald Trump and as consumers remained cautious with spending after being stung by inflation. Germany, labouring under multiple headwinds including the loss of cheap energy from Russia, choking bureaucracy and political paralysis in Berlin, shrank by 0.2% in the fourth quarter. The German economy, Europe's largest, also shrank for all of 2024 by 0.2%, the second straight year of declining output. And the outlook for this year isn't much better. The government slashed its 2025 forecast on Wednesday to 0.3%

Updated On: 30 Jan 2025 | 7:14 PM IST

Akums Group signs 200 million euro deal for European market expansion

The commercial supply of these products is expected to begin in 2027 and continue until 2032

Updated On: 26 Dec 2024 | 7:19 PM IST

Piyush Goyal flags trade barriers in first meet with EU trade chief

During the meeting, Goyal also emphasised the 'need to address long-pending issues as a confidence-building measure'

Updated On: 21 Dec 2024 | 12:17 AM IST

ECB cuts rates 25 bps to 3% amid worsening growth outlook for Euro zone

The ECB has been easing policy as inflation worries largely evaporate and the debate shifts to whether it is cutting rates fast enough to support an economy that is lagging global peers

Updated On: 12 Dec 2024 | 8:19 PM IST

Europe's economy to suffer if chaos continues in France, Germany: Experts

Even before the French and German governments collapsed, Europe's economy had enough difficulties. Tepid growth and lagging competitiveness versus the US and China. An auto industry that's struggling. Where to find billions for defense against Russia? And now Donald Trump threatening tariffs. Solutions will be harder to find while the two countries that make up almost half of the eurozone economy remain stuck in political paralysis well into 2025. Where once there was the so-called French-German axis to push Europe ahead, now there's a vacuum. French Prime Minister Michel Barnier resigned Thursday after losing a vote of confidence, and while President Emmanuel Macron will appoint a successor, the new head of government will lack a majority. Elections are not constitutionally permitted until at least June. Germany's coalition led by Social Democratic Chancellor Olaf Scholz with the Greens and pro-business Free Democrats fractured in November, triggering an early election on Feb. 23.

Updated On: 08 Dec 2024 | 2:50 PM IST

European companies cut jobs amidst difficult economy, weak demand

Companies across Europe are being forced to freeze hiring or cut jobs on difficult economy and persistent weak demand for many products

Updated On: 22 Nov 2024 | 1:52 PM IST

Lagarde says ECB expects 'really good progress' on inflation so far

Speaking on Wednesday at an event hosted by the Atlantic Council in Washington, she described how policymakers have seen consumer-price growth weaken from a peak above 10%

Updated On: 23 Oct 2024 | 9:29 PM IST

Lagarde says ECB expects 'really good progress' on inflation so far

Speaking on Wednesday at an event hosted by the Atlantic Council in Washington, she described how policymakers have seen consumer-price growth weaken from a peak above 10%

Updated On: 23 Oct 2024 | 9:29 PM IST

European banks under investor pressure to keep earnings growth alive

Bank share prices have broadly delivered a double-digit rise this year, driven by stock buyback programmes

Updated On: 21 Oct 2024 | 12:01 PM IST

Asian markets decline as chip stocks fall, China remains in focus

The euro loitered around two month lows and last fetched $1.0887 in early trading ahead of the European Central Bank's policy meeting on Thursday, where the central bank is largely expected to cut

Updated On: 16 Oct 2024 | 9:29 AM IST

Charting the global economy: Inflation pressure cools in US, Europe

Meantime, inflation in Tokyo - a leading indicator of the national data due in September - picked up speed in August, supporting the case for the Bank of Japan to continue raising rates

Updated On: 31 Aug 2024 | 4:02 PM IST

How a sleepy Czech town is helping Europe compete in the global chip war

Roznov was best known for its rum-drizzled sweet pies and open-air museum showing off historical wooden houses, then US chipmaker ON Semiconductor picked it for a new $2 bn manufacturing hub in June

Updated On: 13 Aug 2024 | 10:48 AM IST

UK inflation at 2% for first time since 2021, underlying pressure persists

Sterling rose modestly against the US dollar after the data

Updated On: 19 Jun 2024 | 12:26 PM IST

Taylor Swift tour gives boost to European economy, shows BofA Data

Cities across the globe are reaping economic benefits as consumers splurge on experiences and live entertainment

Updated On: 23 May 2024 | 7:26 PM IST

Germany backs ending EU tax break that helps Shein, Temu keep prices low

Under current EU regulations, packages purchased online from a non-EU country are not subject to customs duties if their value is under 150 euros

Updated On: 23 May 2024 | 12:16 PM IST

What lies ahead for the India-EFTA countries free-trade agreement?

India's interest in trade and economic partnership with EFTA countries stems from the expertise of affluent member-nations in precision technology, and India's appetite for foreign direct investment

Updated On: 19 May 2024 | 11:41 PM IST

Europe, US companies back India for derisking from China: Survey

The other key emerging markets, the survey said, are southeast Asia, where 60 per cent of the respondents were willing to put in 50 per cent more investment in the next three years

Updated On: 10 May 2024 | 12:29 AM IST

Putin's next target after Ukraine may be Nato's Latvia, Lithuania, Estonia

With the addition this year of Sweden and last spring of Finland to the North Atlantic Treaty Organisation, the Baltic Sea has been dubbed a 'Nato lake' by some analysts

Updated On: 09 May 2024 | 10:58 AM IST

Lufthansa, Air France-KLM plan to cut costs after tough first quarter

Air France-KLM said it would tighten spending for the rest of the year, including a freeze on hiring support staff and a vow to stabilise operations, particularly at carrier KLM

Updated On: 30 Apr 2024 | 2:35 PM IST

Higher consumer spending, investment boost French first quarter growth

Economists broadly expect activity to pick up over the course of the year as lower inflation boost consumers' purchasing power and interest rate cuts fuel an increase in investment

Updated On: 30 Apr 2024 | 2:29 PM IST