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The EU economy is accelerating in the third quarter. Portugal Resisting Cycle – Energy

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The EU economy is accelerating in the third quarter.  Portugal Resisting Cycle - Energy

The economies of the 27 member states of the European Union as a whole grew by 2.1% in the third consecutive quarter, slightly increasing their pace of growth from the previous quarter. Nevertheless, Portugal in countercycle: Between July and September, Portugal’s economy slowed down, although it grew above average.

According to a quick estimate of GDP and employment released on Tuesday, November 16, EurostatAs the growth of the EU economy as a whole, and only 27 member countries, accelerated in the third quarter of the year compared to the previous three months. In the 27th year, the GDP grew by 2.1% (in the second quarter – by 2.2%); if we consider only countries with a single currency, the economy grew by 2.1% (compared to 2% in the second quarter).

Eurostat now confirms that Portugal grew 2.9% between July and September after the economy grew 4.4% in the previous quarter, according to the National Institute of Statistics (INE) at the end of October.

This slowdown is also noticeable in other EU countries, such as Lithuania or Latvia, where new waves of the covid-19 pandemic began to make themselves felt in early August.

On the other hand, the EU also has large economies such as Spain and France, which have accelerated strongly compared to the previous quarter: Spain’s GDP grew 2% in the chain after growing 1.1% in the previous quarter, while the French the economy grew 3% after growing 1.3% in the second quarter.

On an annualized basis, there has been a slowdown: Eurozone GDP grew by 3.7% and EU GDP increased by 3.9% in the third quarter after growing by 14.2% and 13.7% respectively in the previous quarter. …

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The same is happening in Portugal: after the Portuguese GDP grew by 16.1% in the second quarter, it grew by 4.2% from July to September.

Employment increased by 0.9%
Employment also accelerated in the European Union and the Eurozone, according to Eurostat. After employment rose by 0.8% and 0.7% respectively in the second quarter, it increased by 0.9% in both groups of countries.

There was also an acceleration in employment growth year-on-year, as employment rose 2% in the eurozone and 2.1% in the EU in the third quarter of this year, after rising 1.9% in both areas in the second quarter. quarter.

(News updated at 10:40)

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Economy

House fees will rise from 89 to 202 euros in October for contracts with Euribor.

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House fees will rise from 89 to 202 euros in October for contracts with Euribor.

An enterprise simulation shows that a client with a loan of 150 thousand euros, for a period of 30 years, indexed to Euribor for six months and with a “spread” (bank profit margin) of 1%, starts paying from October 600.20 euros, which 146 euros more than the last review in April.

In the case of a loan with the same conditions (amount and maturity), but indexed to a three-month Euribor, the client will pay 555.25 euros, which is 89.08 euros more than in July this year.

Finally, for loans indexed to the 12-month Euribor, the mortgage payment on the loan under the above conditions will be 651.41 euros, which is 202.10 euros more than in October last year.

These values ​​have been calculated using September averages of Euribor of 1.596% for six months, 1.011% for three months and 2.233% for 12 months, according to Deco.

Today, on the last day of September, the Euribor rates rose to three and six months and fell to 12 months compared to Thursday.

The six-month Euribor rate, most commonly used in Portugal for home loans and entering positive territory on June 6, rose to 1.809% today, up 0.009 points, after rising to 1.858% on Wednesday, the highest since January 2009. .

The 3-month Euribor, which hit positive territory for the first time since April 2015 on July 14, also edged higher today when it was set at 1.173%, climbing 0.013 points after rising to 1.228% on September 27, a new high. since January 2012.

On the other hand, in 12 months, Euribor fell today, for the third time since September 9, when it was set at 2.556% minus 0.022 points against 2.625% on September 27, a new high since February 2009.

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Euribor began to rise more significantly since February 4, after the European Central Bank (ECB) acknowledged that it may raise key interest rates this year due to rising inflation in the eurozone, a trend that has accelerated with the start of Russia’s invasion of Ukraine. 24 February.

On September 8, the ECB raised three key interest rates by 75 basis points, the second consecutive increase this year, as it raised three key interest rates by 50 basis points on July 21, for the first time in 11 years. the purpose of curbing inflation.

At the end of the last meeting, ECB President Christine Lagarde said that a historic 75 basis point hike in interest rates was not “the norm”, but stressed that the evaluation would be carried out from meeting to meeting.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates were the lowest ever, respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

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Economy

Inflation accelerated to 9.3%, a new 30-year high | Prices

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Inflation accelerated to 9.3%, a new 30-year high |  Prices

Price pressure on the economy is not easing. The consumer price index (CPI) rose 0.4 percentage points year-on-year in September to its highest level since October 1992. The inflation rate in Portugal in September amounted to 9.3%. quick assessment published this Friday by the National Statistical Institute (INE). In August, the value was recorded amounted to 8.97%.

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Economy

Germany prepares €200bn emergency plan for winter

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Germany prepares €200bn emergency plan for winter

The German government is preparing an emergency plan to ensure energy supplies during the coldest months of the year, at a time when the country’s energy security has become even more threatened after this week’s leaks in the Nord Stream gas pipeline.

Realizing that winter could be one of the harshest in recent years, the chief executive, led by Chancellor Olaf Scholz, has developed a 200 billion euro plan to address the energy shortage, using funds intended to mitigate the effects of the Covid-19 pandemic. . This strategy includes measures such as capping electricity and gas prices and supporting companies.

El Economista notes that the plan will increase the debt of Germany, which is already struggling with rising inflation, which stood at 7.9% in August.

“Prices must come down,” Scholz said in Berlin this Thursday, noting that comprehensive measures will be taken to protect pensioners, employees, families, “people from the countryside and the city, so that everyone can move.” go ahead and pay your bills.”

The German government guarantees that the package will not affect the country’s national debt targets next year and that it has been designed to protect the economy without hurting inflation.

“Russia is not only using weapons in the war in Ukraine, but also turning its energy resources into weapons at the international level,” Scholz accused.

Just today, the German energy regulator warned that households and businesses have consumed more gas than expected over the past week as temperatures begin to drop as autumn arrives. And he warns that savings of at least 20% are needed to avoid winter fuel shortages.

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