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The Eurozone economy grows at half the rate of the UK.

The Eurozone economy grows at half the rate of the UK.

 


Carsten Brzeski, an economist at ING, said Germany was struggling partly due to the rise in part-time work.

“Despite a generally strong labor market, there is collective concern about Germany’s loss of prosperity and declining competitiveness,” he said.

Employment in Germany has reached an all-time high, but the number of people in part-time employment has also recently reached an all-time high. Total working hours decreased from 62.3 billion hours in 2019 to 61.8 billion hours in 2023. Meanwhile, labor productivity per capita is still slightly below pre-pandemic levels.

The Italian economy grew by 0.3%, and Spain's GDP increased by 0.7% for the second consecutive quarter as the country continued to boom thanks to tourism.

Spain's production rose 2.4% from a year ago. This compares to a year-on-year growth rate of just 0.4% for the eurozone as a whole and a 0.2% decline for Germany.

Claus Vistesen of Pantheon Macroeconomics said the best hope was that a reduction in inflation would ease the burden on household and business finances and lower interest rates.

He added that real incomes are rising due to lower inflation, and with interest rates expected to remain high, there remains room for a rebound in consumer spending even as savings rates rise further.

Rising interest rates remain a drag on investment, but this will decline slightly in the second half of the year. Especially if we are right that the European Central Bank now has room to cut policy rates slightly.

Sources

1/ https://Google.com/

2/ https://www.telegraph.co.uk/business/2024/05/15/eurozone-economy-grows-half-fast-uk/

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