Economy

Malta: EU Commission proposes €244 million in financial support for Malta

The European Commission has presented proposals to the Council for decisions to grant financial support of €81.4 billion to 15 Member States under the SURE instrument through which Malta can…

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Malta: PN proposes free utilities and extended COVID-19 recovery measures

Two months of free utilities, a moratorium on loan and interest repayments as well as an extension to the COVID-19 wage supplement are among proposals the Nationalist Party announced on…

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German recovery losing some momentum as services struggle in August

The recovery of Germany's private sector from the coronavirus pandemic has slowed in August as activity in the service sector has unexpectedly come to a near standstill, a survey showed…

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UK retail sales surge past pre-COVID peak in July

British retail sales surged past their pre-coronavirus level in July, the first full month that shops selling non-essential goods were open since the country went into lockdown in March. Separate…

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Britain’s economy will not reach pre-pandemic size for at least two years

Britain's economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the…

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Small Argentine firms face ‘terrifying’ future even after debt deal

Francisco Lurueña's textile firm on the outskirts of Buenos Aires has survived 39 years of myriad economic crises. Now it stands on the verge of closure, hit by COVID-19 on…

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Japan’s record economic plunge wipes out Abe era gains

Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering…

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Dutch economy set to shrink 5% in 2020

The Dutch economy looks set for a less dramatic fall in 2020 than previously anticipated, economic policy adviser CPB said on Monday. The euro zone's fifth-largest economy is expected to…

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French economic activity runs 7% below normal level in July

Economic activity in France ran at 7% below normal levels in July, a slight improvement on June, as the construction sector neared pre-coronavirus crisis levels of activity and industrial capacity…

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CiNext – The false economy of simple solutions

by Peter Thal Larsen via REUTERS BREAKINGVIEWS What went wrong? Many books have attempted to tackle that question since 2016, when the Brexit referendum and Donald Trump’s U.S. presidential victory…

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Italy posts 6.2 bln euro trade surplus in June

Italy posted a trade surplus with the rest of the world of 6.232 billion euros in June, compared with a surplus of 5.701 billion euros in the same month of…

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Malta: Covid-19 situation under control as number of cases in hospital remains low – PM

The Covid-19 situation in Malta is still under control in spite of an increase in cases, namely because the number of people requiring medical care in hospital remains extremely low,…

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French manufacturing picks up in July but new orders stagnate

French manufacturing activity picked up a touch in July although new orders remained stagnant, a monthly survey showed on Monday, as the euro zone's second-biggest economy feels the impact of…

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German factories post first growth in activity since Dec 2018

German manufacturers saw in July an expansion in activity for the first time since December 2018, a survey showed on Monday, signalling that a recovery in the sector remains on…

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Italian manufacturing activity rebounds in July

Italian manufacturing activity rebounded in July, hitting its highest level since June 2018, a survey showed on Monday, raising hopes that the economy was on the road to recovery following…

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PM Orban expects investment boom in Hungarian economy in 2021

Hungary's economy will benefit from an investment boom in 2021 as a result of government programmes to help local companies, provided the country can prevent a second wave of the…

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North Korea’s economy grows for first time in 3 years

The economy of isolated North Korea grew for the first time in three years in 2019 as better weather conditions boosted crop yields, but sanctions imposed to stop its nuclear…

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Portugal’s GDP registered biggest contraction ever recorded

Portugal's gross domestic product shrank 14.1% in the second quarter of 2020, marking the biggest contraction ever, as lockdowns imposed to contain the spread of the coronavirus outbreak hit key…

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Spain enters steep recession, wiping out six years of growth

Spain recorded a historic fall in GDP in the second quarter of the year, with the 18.5% drop wiping out all the post-financial crisis recovery of the last six years,…

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French economy shrank by record 13.8%

The French economy contracted by a post-war record of 13.8% in the second quarter, as consumption, investment and trade all collapsed under a lockdown imposed to contain the COVID-19 pandemic,…

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Italy’s GDP slumps to unprecedented 12.4%

Italy's economy shrank 12.4% in the second quarter from the previous three months, preliminary data showed on Friday, as activity nosedived during the coronavirus pandemic, but the fall was less…

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France’s crisis recovery may be better than expected

France's economic slump may not be quite as bad as forecast and activity in the euro zone's second biggest economy could return to pre-crisis levels in early 2022, the central…

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Coronavirus plunges German economy into record recession

The German economy contracted at its steepest rate on record in the second quarter as consumer spending, company investment and exports all collapsed during the peak of the COVID-19 pandemic,…

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EU stimulus package to slightly improve growth prospects

Euro zone economic growth next year will be slightly stronger than previously thought, according to a Reuters poll of forecasters taken after European Union leaders agreed on 750 billion euros to support economies…

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Malta-24 News Briefing Tuesday 28th July 2020

Update 2045 - Government and opposition have agreed on a number of constitutional amendments which will better empower the President of the Republic. The method with which the head of…

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Don’t pay dividends this year, ECB tells European banks

The European Central Bank has told banks not to pay any dividend payments until at least January and urged them to be “extremely moderate” when setting staff bonuses during the…

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German business morale brightens, but second coronavirus wave threatens outlook

German business morale continued to recover in July from its biggest decline in decades, with companies expecting Europe's largest economy to rebound from the coronavirus shock - as long as…

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Malta: DBRS confirms Malta’s A (High) rating with stable trends

In another evaluation of the Maltese economy, the international DBRS agency has confirmed Malta’s credit rating as A High, with stable trends. In their report on Malta, the agency’s economists…

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Malta: €4.5 million investment in schemes to support events, MTA faces reforms in sponsorship scheme

€4.5 million are being invested in two schemes that are aimed at supporting events while the Malta Tourism Authority’s (MTA) is undergoing a reform in the way its sponsorship scheme…

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Maltese Editors’ Perspectives

Rather unusually, art and history make their way in the editorials of the two English-language papers in print today, with their Maltese counterparts focusing on education and economic regeneration. The…

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CiNext – Malta Insights

Fitch Ratings expects unemployment in Malta to double in 2020 Fitch Ratings is forecasting unemployment in Malta to double throughout 2020 as a result of the coronavirus pandemic. In its…

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France to cut companies tax to boost economy

The French government will cut taxes French companies have to pay in addition to normal corporate income tax by 20 billion euros ($22.8 billion) over the next two years, Finance…

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EU member states struggle to resolve differences on massive recovery plan

European Union (EU) member states struggled on Wednesday to resolve differences over a massive recovery plan for their coronavirus-hit economies, but agreed a deal was crucial at an end-of-week summit…

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Malta: Most SMEs expect to fold within a year if situation persists, survey suggests

Only 30% of SMEs expect to remain in operation for more than a year if the current economic situation – brought about largely as a result of the Covid-19 pandemic…

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UK economy to slump over 10%, debts to surge – Moody’s

Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody's warned on Friday, while its debts as a share of GDP will surge…

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Malta: Government with a deficit of € 337 million in the first quarter

Official figures released by the NSO show that in the first quarter of the year - at a time when the pandemic was not yet felt - the deficit in…

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Malta: € 5 million generated in the economy from sports related tourism

In the last year, football-related sports tourism has left five million euros in the Maltese economy. Source: One News Updated 15:20pm

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Malta: Malta’s economic problems began long before Covid

A detailed European Commission report confirms that the blow to the economy began before the effects of the pandemic - a confirmation that the red light for the Government had…

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EU sees an even deeper recession with wider divergences

The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the…

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Malta’s GDP expected to contract 6% in 2020 – EU Economic Forecast

After several years of high growth fuelled mainly by domestic demand, Malta’s economy was beginning to slow down even before the COVID-19 pandemic. The disease and the containment measures it…

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Germany’s economy ‘may recover’ from October – Finance Minister

Germany's economy may recover from October onwards from the coronavirus pandemic, Economy Minister Peter Altmaier said in a newspaper interview on Sunday. "I am sure that the downturn of our…

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Italy considering new fiscal measures to support investment in auto and tourism industries

Italy is considering fiscal measures to spur investments in the auto and tourism industries, two of the sectors that have been hardest hit by the coronavirus pandemic, Prime Minister Giuseppe…

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German economy gradually recovering after pandemic slump

Germany's economy will gradually recover after an historic slump due to the coronavirus pandemic and will likely return to last year's level at the end of 2021, economic institute Ifo…

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UNICEF Cryptocurrency Fund announces its largest investment of startups in developing and emerging economies

Eight technology companies in developing and emerging economies will receive investment from the UNICEF Cryptocurrency Fund (CryptoFund) to solve local and global challenges. The CryptoFund will invest 125 ETH in…

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Malta: Workers to receive government cheque of between €40 and €68

Finance Minister, Edward Scicluna, said that all workers will receive a cheque of between €40 and €68, with persons who earn the least are to receive the larger amount. Source:…

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Be part of the national effort – PM Abela

In an op-ed on the Sunday Times, entitled Be part of the national effort Prime Minister Robert Abela said that over recent months Malta faced the biggest challenge our young republic…

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Malta: Malta one of four countries with the biggest advance in the digital economy

Malta has been classified as one of four European Union countries with the biggest advance in the digital economy and the society index over the past five years. The survey…

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Austria’s government plans giving one-off payments to unemployed and families with children

The Austrian government intends to make one-off payments to jobless people and boost spending on families with children as part of measures this year to cushion the blow from the…

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26.8% hotels in Italy opt to stay closed

Only 40% of Italy's hotels are currently open even though the nation's coronavirus lockdown is over and the ban on travelling between regions has been lifted, the Federalberghi association said…

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Malta: €100 vouchers are ‘intravenous injection’ for the economy, Scicluna says

Edward Scicluna has described the €100 vouchers as an “intravenous injection” for the economy as government’s recovery plan tries to stimulate consumption. Source: Malta Today Updated 15:30pm

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Italy is facing is worst recession in years

The Italian economy, brought to its knees by the coronavirus, will contract by around 8.3% this year, national statistics bureau ISTAT said on Monday. In its twice-yearly economic outlook report,…

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Economic recovery in Europe will be weak and not equal

Europeans have begun to return to work, shopping and dining out, suggesting the worst of the economic damage inflicted by coronavirus pandemic lockdowns has passed, but overall activity remains well…

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Portugal’s tourism-dependant economy expected to shrink by nearly 7% due to Covid-19

Portugal's tourism-dependent economy is expected to shrink by nearly 7% this year due to the effects of the coronavirus outbreak, the government said in its economic and financial stability programme…

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Half of German companies postponed investments in May

Half of companies in Germany postponed investments in May while 28% cancelled investment projects completely as the coronavirus pandemic takes its toll, a survey by economic institute Ifo showed on…

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More than 6.32 million have been reported infected with Covid-19 globally

More than 6.32 million people have been reported infected with the coronavirus globally and 376,283 have died, a Reuters tally showed by 2100 GMT on Tuesday. New cases reported daily…

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UK factories suffer sharp fall in May, but less than in April

British manufacturers saw another sharp downturn in May but the pace of the slump eased off from April's record fall as the coronavirus shutdown brought much of the economy to…

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French manufacturing slump eases in May, but still dire

France's manufacturing activity rose in May as the country began to emerge from a nearly two-month coronavirus lockdown, pulling the sector out of a nosedive that had seen activity hit…

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