Europe's recession may already be over | CNN Business

Official data showed that French GDP was up 0.5% in the April-June period, compared with the first quarter of 2023, driven by a strong performance in foreign trade. “Exports bounced back this quarter … as well as imports to a lesser extent,” the French national statistics office said in a statement. Spain reported GDP growth of 0.4%, just a shade weaker than in the first quarter.

Lower inflation and rising wages were supporting consumption but higher interest rates, and uncertainty about further rate hikes were slowing investment. “This was seen as being compounded by a slowdown due to the weak manufacturing sector, with headwinds from the slower than expected recovery in China. However, respondents considered services sector resilience as partially countering this weakness and thus broadly maintained their earlier expectations for real GDP growth in 2023,” the ECB said.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Europe's banks are bracing for a wave of defaults | CNN BusinessSome of Europe’s biggest banks are setting aside more cash to absorb potential losses on loans, as rising interest rates increase pressure on borrowers.
Source: cnni - 🏆 326. / 59 Read more »

This measure of homelessness in England has reached a 25-year high | CNN BusinessThe number of households living in temporary accommodation in England has hit its highest level since at least 1998, according to official data.
Source: cnni - 🏆 326. / 59 Read more »

Samsung's newest foldable phone is still outrageously pricey | CNN BusinessSamsung is doubling down on its foldable smartphones with a range of new features, but it’s not updating what’s arguably been the single biggest deterrent for customers: the high price tag.
Source: CNN - 🏆 4. / 95 Read more »

Gap hires Mattel president to be its new CEO | CNN BusinessThe retailer announced Wednesday that Richard Dickson, currently Mattel’s president and chief operating officer, will assume the position. He’s been with the toymaker for a collective 20 years, most recently from 2014 until now, where he helped revitalize the Barbie brand.
Source: cnni - 🏆 326. / 59 Read more »