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☆ Germany, Europe’s biggest economy, shrank last year
▼ + stars: | 2024-01-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

Gross domestic product was 0.3% lower in 2023 than in the previous year, according to Germany’s Federal Statistical Office (Destatis). “Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises,” Destatis president Ruth Brand said in a statement. GDP in the fourth quarter also fell by 0.3% on the previous quarter, according to a prelininary estimate from the statistics office. Although inflation has eased, prices remain high throughout the economy and have put a damper on economic growth, Brand added. Output in the euro area shrank slightly in the third quarter of 2023.

Persons: ”, Ruth Brand, Brand Organizations: London CNN, Gross, Federal, Office Locations: Germany

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsSummary Industrial output down 0.2% in Aug vs down 0.1% forecastEconomists expect further contraction in coming monthsBERLIN, Oct 9 (Reuters) - German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure, stoking recession fears. Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. The further drop in German industrial production in August was better than it looked as it was driven by volatile components, said Franziska Palmas, senior Europe economist at Capital Economics. However, she continued to expect high interest rates and falling demand to lead to a further contraction in German industrial output in the coming months. "Thin order books despite last week's increase, and high inventories all indicate that German industrial production will continue moving sideways rather than gaining momentum anytime soon," ING's global head of macro Carsten Brzeski said.

Persons: Wolfgang Rattay, Franziska Palmas, Destatis, Carsten Brzeski, Brzeski, Friederike Heine, Maria Martinez, Ozan Ergenay, Gerry Doyle, Sonali Paul Organizations: REUTERS, Reuters, Capital Economics, Thomson Locations: ThyssenKrupp, Duisburg, Germany, BERLIN, Europe, Palmas

☆ Battered industry may find clean power refuge in Central Europe
▼ + stars: | 2023-10-03 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

CENTRAL EUROPE'S PERKSMuch of Central and Eastern Europe has a reputation for being home to outdated heavy industry that once powered former Soviet enterprises and churned out low grade machinery and appliances. A more recent draw is the emissions profile of some of Central Europe's power sectors. Share of electricity from clean sources in select European countriesThose high proportions of clean power are well above the average for Europe as a whole, and are also above the average for the richer nations within the European Union. Power sector emissions from select Central & Eastern European CountriesHungary's power system is also primarily clean, with nearly half coming from nuclear and over 15% from solar. Comparatively low power sector emissions are expected to trend steadily down as the region rolls out more renewable energy supplies.

Persons: Italy's Enel, Ember, Gavin Maguire, Lincoln Organizations: CENTRAL, Warsaw, Central Europe's, Europe, European Union, Gross, Eastern, International Energy Agency, Reuters, Thomson Locations: Mochovce, LITTLETON , Colorado, Central, Germany, Ukraine, Europe, Eastern Europe, Hungary, Romania, Poland, Slovakia, China, France, Eastern, Russia, Power, Czechia

☆ Germany risks letting a good crisis go to waste
▼ + stars: | 2023-10-03 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

Germany, the European Union’s largest economy and its traditional growth engine, is headed towards a contraction this year. Exports account for more than half of Germany’s GDP, compared to just a third in France and 37% in Italy, according to the World Bank. Germany’s growth potential is estimated at an annual 0.7% over the medium term by the Scope rating agency, about half the euro zone average. Exempting net public investment from the debt brake rule would help to reverse years of underspending. Unless they do, Europe’s leading economy risks letting a good crisis go to waste.

Persons: –, Hubertus Bardt, Germany’s, Carsten Brzeski, Oliver Rakau, Chancellor Olaf Scholz, Christian Lindner’s, Sebastian Dullien, Scholz, Destatis, Francesco Guerrera, Streisand Neto Organizations: Reuters, World Bank, EU, International Monetary Fund, Reuters Graphics Reuters, German Economic Institute, ING, Oxford Economics, BASF, Finance, Christian Democrats, Thomson Locations: Germany, Berlin, France, Italy, China –, Spain, Weimar Republic, China, Ukraine

BERLIN (AP) — Germany is considering establishing short-term border controls with Poland and the Czech Republic to keep irregular migrants from entering the country, a government official said Friday. Interior Minister Nancy Faeser told German newspaper Welt am Sonntag that setting up temporary police checks on border crossings would help Germany prevent the smuggling and trafficking of people. She added that the increased border checks would need to be combined with the already ongoing random police checks that are being carried out. Germany, Poland and the Czech Republic belong to the European Union's visa-free zone, commonly known as the Schengen Area. Political Cartoons View All 1176 ImagesFaeser is also discussing with the Czech Republic the possibility of German police officers operating on Czech territory, similar to an agreement that Germany has struck with Switzerland.

Persons: Nancy Faeser, Faeser Organizations: BERLIN, —, Welt, German Interior Ministry, Swiss, EU Locations: — Germany, Poland, Czech Republic, Germany, Schengen, Czech, Switzerland, “, Turkey, Russian, Ukraine

☆ CNBC Daily Open: Lingering embers of inflation
▼ + stars: | 2023-09-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks sold offU.S. stocks experienced a sell-off and all major indexes closed in the red. Relatedly, Germany's new manufacturing orders in July fell 11.7% month on month, according to provisional Destatis figures, a big plunge from June's 7.6% increase. EU-designated 'gatekeepers'The European Commission designated Alphabet, Amazon, Apple, ByteDance, Meta and Microsoft as "gatekeepers" under its new Digital Markets Act.

Persons: Stocks, Bob Iger, Bob Chapek, Alex Sherman, Goldman Sachs, Goldman Organizations: CNBC, Treasury, Disney, Apple, U.S . Securities, Exchange Commission, EU, European, Meta, Microsoft, Markets Locations: U.S

☆ Green alliance crisis is more than just a US drama
▼ + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.

Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, ”, Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London

☆ Euro zone economy ekes out 0.1% growth in first quarter, misses expectations as Germany stagnates
▼ + stars: | 2023-04-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

The print came in below analyst expectations, with a Reuters poll of economists previously forecasting quarterly growth of 0.2%. The economy expanded by 1.3% on an annual basis, just missing an outlook of 1.4%. Earlier this month, statistics agency Eurostat had revised down its fourth-quarter 2022 gross domestic product estimate for the euro zone from 0.1% quarterly growth to zero, following 0.4% expansion in the third quarter. The slight first-quarter growth signal comes as economic performance contends with persistently high inflation. Irish GDP was a notable weak spot, declining by 2.7% on the previous quarter, while Portugal's economy grew by 1.6%.

Persons: Arne Dedert, Carsten Brzeski, Destatis, Emmanuel Macron's Organizations: Getty, Eurostat, ING, European Central Bank, Deutsche Bank, ECB Locations: Frankfurt, Ukraine, Germany, Europe

☆ Crucial euro zone inflation data will only include estimate for Germany
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

BERLIN/FRANKFURT, Jan 30 (Reuters) - Crucial euro zone inflation data due a day before the European Central Bank's Thursday meeting will only include an estimate for Germany after the bloc's biggest country delayed the release of its own figures, Eurostat said on Monday. German statistics agency Destatis unexpectedly pushed back the publication of German data to an unspecified date next week from Tuesday because of technical issues in processing data, it said in a statement. Instead of using reported German data, Eurostat, the European Union's statistics agency, will estimate German price growth, but will not publish this figure separately. Once Destatis figures are released, Eurostat will include them in final inflation data, set to be published on Feb 23. The ECB is all but certain to raise rates by a half a percentage point on Thursday but the fresh inflation data are still crucial for the bank's policy guidance for subsequent meetings.

☆ German wholesale prices rise in December but at slower pace
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 16 (Reuters) - Germany's wholesale price index rose in December compared with the same month last year although at a slower pace than in previous months, according to data released on Monday. Wholesale prices rose by 12.8% on the year, compared with a November reading of 14.9%, the federal statistics office reported. Wholesale price growth peaked in April, with a 23.8% year-on-year increase. High wholesale prices are driven mainly by increased prices for raw materials and intermediate products. In December, the prices of mineral oil products rose 22.8% compared with December 2021, having the largest impact in the wholesale price index, Destatis said.

While the error margins are unlikely to distort euro inflation in the long-term, economists say they could warp inflation expectations if not addressed, at a time when the European Central Bank is raising rates aggressively to tame double-digit inflation. As falling energy prices will take time to be reflected in household contracts, the current methodology will underestimate inflation when energy prices fall, CBS said. More volatility could follow when Germany introduces a cap on energy prices in March, that will also cut costs for January and February retroactively, he said. Eurostat has said that only measures that have a direct impact on energy prices, known to consumers before they purchase the energy, should reflect in inflation calculations. FEEDTHROUGH RISKSWith inflation at 10%, the calculation issues are unlikely to significantly impact the aggregate euro zone inflation print.

FRANKFURT, Dec 16 (Reuters) - Coal has made a comeback in Germany this year, as Europe's largest economy turns to the dirty fuel to power it through an energy crisis. Gas generation rose slightly, despite high prices, as wind and hydro power output were low, and domestic nuclear output also fell in July-Sept. This has increased coal power generation in the European Union, which is expected to remain at these higher levels for some time," the IEA's annual coal market report said. This includes 1.9 GW of lignite and 4.3 GW of hard coal power plants which are allowed to return to the market until 2024, the IEA report said. The decommissioning of 2.6 GW of hard coal power capacity and 1.2 GW of lignite capacity has been postponed.

☆ Pandemia de coronavirus a provocat prima scădere a salariilor în Germania de după 2007
▼ + stars: | 2021-03-24 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Câştigurile nominale au scăzut cu 0,7% în 2020 comparativ cu 2019. Ţinând cont de evoluţia inflaţiei, care a fost de 0,5% în 2020, scăderea salariilor este şi mai brutală, fiind în medie de 1,1%.Totuşi, datele nu includ sprijinul financiar pentru cei cuprinşi în schema guvernamentală pentru angajaţii cu program de lucru redus, deşi aceste alocaţii "au atenuat pierderea câştigurilor pentru mulţi angajaţi", în timpul pandemiei de coronavirus (COVID-19), a informat Destatis.Numărul de ore de lucru săptămânale pentru cei angajaţi full-time a scăzut în 2020 cu 2,9%, comparativ cu 2019. Cel mai sever declin, de 19,4%, a fost în industria ospitalităţii, iar cel mai redus în sectoarele economice, conform datelor Destatis.Scăderea din 2020 pune capăt unui deceniu de creştere continuă a salariilor în prima economie a zonei euro, de aproape 2,5% pe an. În această perioadă, salariile au beneficiat de introducerea unui salariu minim pe economie în 2015 şi de o rată scăzută a şomajului, care a crescut puterea de negociere a sindicatelor.În 2020, scăderea salariilor a fost însoţită de o creştere a şomajului, care în prezent este de aproape 6% în Germania, faţă de 5% înaintea crizei sanitare.

Locations: Germania

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