News and Reviews European Economic Zone

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News and Review of European Economic Zone (Greece)

 

Greek economy to contract 3.0 % In Q3

Monday, December 9, 2013

 

Greek economy to contract 3.0 % in the 3rd quarter of this year , according to the national statistics agency reported Monday. Nevertheless, the contraction is the lowest compared to the previous two quarters . Greece 's GDP shrank by 3.7 % recorded in the 2nd quarter and contracted 5.5 % in the period from January to March of 2013.

 

For the 3rd quarter , consumer spending declined by 6.6 % with investment spending also posted a decline of 12.6 % . While exports increased 5.7 % over 2.3 % rise in imports , the Hellenic Statistical Authority reported .

 

After suffering a 6 -year -long recession , the Greek economy is expected to return to the level of expansion to grow 0.6 % in 2014 .

 

Other data released Monday also indicates if the contraction of the Greek economy has resulted in a sharp decline in consumption , which continues to weigh on prices in November . Reported consumer prices fell by 2.9 % annual pace in the past , after each recorded a decrease of 2.0 % and 1.1 % in October and September .

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News and Review of European Economic Zone (UK)

 

BoE Carney : New Phase Begins Recovery

Tuesday, December 10, 2013

 

Bank of England Governor Mark Carney stated that if he had to feel comfortable with the short-term outlook for UK growth , but long-term outlook is not convincing enough to boost more business investment and consumer spending .

 

In an interview with the U.S. Public Broadcasting Service on Tuesday , Mark Carney said that the main sectors of the economy has made a lot of progress , but still have to overcome structural barriers to sustainability is to sustain the momentum of recovery .

 

Carney also repeated the statement made in a speech to the Economic Club of New York on the day before , that the central bank 's accommodative policy is not a long term solution though has been shown to help growth .

 

" We can only act today , but it will only succeed if the revenue growth in the future , " he added . " In England , we do not have the required productivity growth to push up real wages . "

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News and Review of European Economic Zone (UK)

 

UK House Prices at Highest Level in a Decade 1

Tuesday, December 10, 2013

 

UK house price index in November rose to the highest level in the last decade due to measures taken by the government lead to the purchase of the home while the inventory of homes failing to meet the demand.

 

Measurements were carried out by the Royal Institution of Chartered Surveyors (RICS) shows the number 58, the highest level since June 2002, up from October's 57. The Bank of England last month to take steps to restrain the increase in market incentives propertyidengan terminate the mortgage loan. RICS predicts prices likely rose 3% in the next 12 months.

 

London led the increase with the number 99 in November, while 10 of the UK showed an increase in two consecutive months, says RICS. As the economy begins to recover, RICS estimates that sales rose to the highest level since they began recording data in 1998.

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News and Review of European Economic Zone (UK)

 

UK Factory Output Rises , Disappointing Trade Figures

Tuesday, December 10, 2013

 

UK factory output increased in October , but the performance of the UK trade again recorded disappointing results , referring to a government report on Tuesday . The results highlight the challenges to be faced by policy makers in their efforts to balance the UK economy .

 

Office for National Statistics report showed manufacturing output grew 0.4 % between September and October . That helped push the 0.4% increase in overall industry productivity . UK manufacturing output in October was also 2.7 % higher than the same period last year , and become the strongest annual growth rate since May 2011 .

 

ONS explained that increased activity is triggered by the production of cars , airplanes and other transportation that reached its highest level since records began in 1968 .

 

However, the increase in the output of factories in the UK are not reflected in the UK's trade performance in October . International trade deficit UK economy failed to meet expectations after only shrink to £ 9.7 billion ( $ 15.9 billion ) , from a deficit of £ 10.1 billion recorded in the previous month . The figure is not far from a record deficit of £ 10.3 billion recorded in April 2012 . In addition , the trade deficit with the EU again touched a new record in October with widened to £ 6.5 billion .

 

These data indicate if the government attempts to push the British economy more dependent on exports and investment , compared to the consumer and government spending , is still far from expectations . Economists have previously expressed concerns about the UK's economic recovery appears to be too dependent on domestic consumption and rapid growth in the housing market .

[mynameisandhy]

News and Review of European Economic Zone (Greece)

 

Greece Sure Can Get Next Bailout

Wednesday, December 11, 2013

 

Greek Finance Minister , Yannis Stournaras , be sure Athens would get the next disbursement of bailout funds despite negotiations with the troika is still no common ground . Inspector troika ( the team that is representative of the IMF , the ECB , and the European Union ) has been in Athens to review the implementation of economic reforms . " We continue to have discussions and hope to soon reach an agreement , " said Stournaras told CNBC .

 

Troika looks reluctant to provide disbursement next bailout worth € 1 billion as a result of dissatisfaction over the implementation of policy reforms . Troika has uttered that Athens take further austerity measures to secure a bailout disbursement . However , Stournaras reiterated that Athens would not run the additional austerity measures with the current social situation in Greece . Stournaras also optimistic about the Greek economy in 2014 and express the belief that the government can fix the fiscal conditions .

[mynameisandhy]

News and Review of European Economic Zone (Germany)

 

A little German inflation accelerated in November

Wednesday, December 11, 2013

 

German consumer prices posted a modest gain in November , following a price increase in the services sector offset a decline in energy prices , according to the Federal Statistical Office reported on Wednesday . However, the overall rate of inflation in Europe's largest economy is still slow and is under the target set by the European Central Bank .

 

As per estimates , the German consumer prices rose 0.2 % last month . That pushed the annual inflation rate to 1.3 % from 1.2 % in October . While based on the calculations have been adjusted to EU standards , consumer prices increased 0.2 % and pushed the annual inflation rate to 1.6 % in November from 1.2 % in October .

 

As known earlier , the ECB continues to strive to keep the euro zone overall inflation was slightly below the 2.0 % in the medium term . Inflation rate in the 17-nation bloc has attracted the attention of investors following the ECB 's decision to lower interest rates in response to the slowdown in inflation in October .

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News and Review of European Economic Zone (Greece)

 

Greek Unemployment Rate Rises Back

Wednesday, December 11, 2013

 

Greece 's unemployment rate rose again in September , as the government continues to struggle to boost the economy amid austerity measures required by international creditors .

 

Greece 's unemployment rate rose to 27.4 % in September after steady at 27.3 % over the previous 2 months , based on reports Greek statistical agency , Elstat , on Wednesday . In addition to the unemployment rate higher than 26 % which is inscribed in September last year , the Greek unemployment rate also was more than 2-fold above the average Eurozone unemployment at 11.6 % which is perched in September .

 

Greek youth unemployed showed a significant decrease , but more than half of them are aged between 15 years to 24 years still do not have a job . Data indicate if approximately 51.9 % of young people aged under 25 years are still unemployed , is reduced compared to 60.6 % in August and 56.7 % in the same month last year .

 

While the Greek Parliament on Sunday has approved a 2014 budget plan , which for the first time in decades 1 shows the projected revenue surplus of € 812 million ( $ 1.12 billion ) in 2013 , or 2 times the government's projections 2 months ago . Despite the surplus projections do not take into account the payment of debts due, at least it can be a valuable capital Athens to negotiate further with the international creditors .

[mynameisandhy]

News and Review of European Economic Zone (Italy)

 

Italian Prime Minister Wins Vote of Confidence

Thursday, December 12, 2013

 

Prime Minister Enrico Letta won a vote of confidence from the Italian parliament and the government to ensure the continuity of reforms required by the Italian economy . Letta uttered Italy has put off reforms for 20 years and should not be put off anymore . The statement reiterated the government's commitment Letta despite demonstrations against austerity policies quite rampant .

 

The motion was filed by the party's belief that Forza has pulled its support for Berlusconi's coalition government after the sacking of the Italian parliament . Letta said he would address a variety of issues including the Italy youth unemployment rate reaching 40 % . Letta say in the next 18 months will undertake institutional reforms in order to create a strong foundation for economic growth predicted to reach 1 % in 2014 and 2 % in 2015. The growth target is still considered optimistic given the best performance of the Italian economy is only 2 % in 1 of the last 12 years .

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News and Review of European Economic Zone

 

ECB : Monetary Policy During Still Loose In Need

Thursday, December 12, 2013

 

European Central Bank signaled on Thursday that loose monetary policy will continue to walk forward in the risk of an economic downturn in the euro zone , the statement echoed ECB president Mario Draghi 's comments last week .

 

" The attitude to be accommodative monetary policies are still needed for it , and thus will continue to assist the gradual economic recovery in the euro area , " the ECB said in its monthly bulletin .

 

Last week the ECB keep the benchmark interest rate unchanged at a record low and reaffirmed that the future policy guidelines are still in place since July , interest rates will remain at current levels or lower for a period of " long . "

 

ECB expected eurozone GDP will decline by 0.4 % this year and rise 1.1 % next year and rising by 1.5 % in 2015, in which the estimate is far below the target bank at the level of 2 % over the medium term .

 

Economic risks are still in negative territory , the ECB said in a monthly bulletin , while risks to the outlook for consumer prices are still broadly balanced.

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News and Review of European Economic Zone

 

Eurozone Industrial Output Drops Sharply in October

Thursday, December 12, 2013

 

Industrial productivity in the 17 - nation euro currency users declined sharply in October , a development that sparked new questions about the sustainability of the economic recovery of the region towards the path of growth .

 

Report of the European Union's statistics agency , Eurostat , on Thursday showed industrial output registered a decline for the 2nd month in a row at the same time the biggest drop since September 2012 with a 1.1 % drop in October after slipping 0.2 % in September . The decline is spread in most of the reported euro zone , with only Italy and Estonia which recorded an increase in output .

 

However , the decline in output is a surprise especially after the 24 economists surveyed by The Wall Street Journal last week forecast a rise in output of 0.2 % for the month of October. This raises the possibility that the euro zone 's economic recovery towards the path of growth may be stalled in the last quarter of this year , once again experiencing a slowdown in the 3rd quarter .

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News and Review of European Economic Zone (Switzerland)

 

SNB Jordan : Swiss Franc Exchange Rate Limits Still Needed

Friday, December 13, 2013

 

Limit the Swiss franc exchange rate against the euro was " urgently needed " , although the risk of deflation is abating and the strengthening of the euro , said Governor of the Swiss National Bank ( SNB ) . On the day we SNB chose to continue with the purchase of foreign currency aimed at maintaining the minimum exchange rate of the Swiss franc against the euro 1:20 . SNB maintains a target range of three-month Libor rate at the 0:00 to 0:25 % .

 

" The minimum limit on the exchange rate is still greatly needed to ensure a good monetary conditions in Switzerland . Doing so may be a shield against the shock on the exchange rate so that we can work to fight deflation in Switzerland , " said the head of the SNB Chairman Thomas Jordan . The central bank introduced a target exchange rate in September 2011, the Swiss franc as investors bought large amounts sebaga a safer alternative than the euro or the dollar . This resulted in the franc appreciates sharply , threatening the health of the Swiss export sector .

 

By intervening in the currency market , the SNB is one of the four major central banks with asset purchase scheme in addition to the Federal Reserve , the Bank of England and Bank of Japan . The rating agency Standard & Poor's estimates that 4 major central banks will pump worth 1.6 trillion dollars into the global economy this year , which will be followed by an additional $ 1 trillion in sebeasr 2014 .

 

Jordan said the success of the Swiss in fighting deflation - in November , consumer inflation rate ( CPI ) rose to above the zero level for an annualized basis for the first time in 2 years - is a signal that the central bank policy rather than continuing sehaurusnya pull . " The introduction of the minimum exchange rate has had a very positive impact , so now we possess a zero rate of inflation , not inflation or deflation , and this is a very good result , " said Jordan . SNB estimate the rate of deflation of 0.2 % for 2013 as a whole , followed by a 0.2 % inflation rate sebeasr in 2014 and 0.6 % in 2014.

 

Jordan said the tapering effect by the Fed against Switzerland will be subject to the impact on global financial markets . Markets worried the U.S. central bank may start tapering in the near future at a policy meeting this month , and very sensitive to any signal related tapering opportunities . " It depends on the volatility of the market . There is some volatility in the summer and autumn of 2013 after the issue of tapering . We think all the central bank was ready to face the possibility of volatility , with volatility expectations will be as minimal as possible , " said Jordan .

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News and Review of European Economic Zone

 

IMF Negative Interest Rate Program for ECB

Friday, December 13, 2013

 

The IMF advised the European Central Bank (ECB) to take a policy face yan low inflation rate, one of them by applying negative interest rate in order to maintain price stability amid inflation rate fell below 1%.

 

The weakening economic growth, high unemployment and inflation well below the 2% target, has become the foundation for the ECB to issue monetary policy can stimulate the economy if necessary can.

 

Other controversial measures of quantitative easing is an option, but the possibility of policies less effective, because it will cause complications separately in the bond market in the 17 member states.

[mynameisandhy]

News and Review of European Economic Zone (UK)

 

BOE's Haldane : Sector Recovery Home Already Spread in England

Friday, December 13, 2013

 

Recovery in the UK housing sector has spread to all regions of the country but is still in its early stages , said Andrew Haldane , executive director for financial stability of the Bank of England on Friday .

 

" At the moment there will not be much time to hit the brakes on the housing market , or other sectors , which are still in the very early stages of recovery , " he said on BBC regional radio stations . " But what we are saying now is the time may be , if not put on the brakes , then the least we can relax the gas pedal . "

 

In the last month the Bank of England said that they would reduce support for mortgage lending in the UK in a move seen as a response to the increasing anxiety in fast activity in the housing market that could turn out to be a risk , it can hurt the banks and borrowers .

 

BOE said in its financial stability report which is done twice a year on November 28 that although there is little evidence that housing activity accelerates it can give a direct threat to financial stability , " The risk may be increased if the strong activity accompanied by substantial growth , increase fast on house prices and further buildup in household debt . "

[mynameisandhy]

News and Review of European Economic Zone

 

Euro Zone Manufacturing speeding in December

Monday, December 16, 2013

 

Factory production in the eurozone grew at its fastest pace than economists expected in December , led by Germany , as the region continues its gradual recovery from the longest recession .

 

An index based on a survey of purchasing managers in the manufacturing industry rose to 52.7 , the highest level in 31 months , from 51.6 in November , in the report by Markit Economics said in a statement today. The results above 35 economist estimates in a Bloomberg survey that called for the level of 51.9 . The index was above 50 , indicating expansion .

 

"The rise in the PMI after a decline for two consecutive months is the biggest help and put the recovery back on track , " said Markit chief economist Chris Williamson in a report today . " This progress means that , during the final quarter , the business looks to grow stronger since the first half of 2011 , and are now comfortable with the growth in the last two quarters . "

 

European Central Bank left its benchmark rate at 0.25 % level on December 5 , based in part their forecasts for the economy " recovers at a slow pace " over the next two years. ECB sees euro zone GDP down 0.4 % this year and rise to 1.1 % in 2014.

 

ECB President Mario Draghi said that the growth in production should continue to grow " , especially due to some improvement in domestic demand , supported by accommodative policy stance .

[mynameisandhy]

News and Review of European Economic Zone

 

Asmussen Out of ECB Policy Council

Monday, December 16, 2013

 

Joerg Asmussen said on Sunday he would quit his post as member of the executive board of the European Central Bank in Frankfurt to accept the post of Deputy Minister of Labour in the new German government for " personal reasons " . Asmussen , a member of the Social Democratic Party left axle , served as deputy minister of Finance in Berlin in 2008 and 2011 before thaun terpulih as ECB Executive Board by Chancellor Angela Merkel in 2012 .

 

His face has been recognized in the financial sirklus Europe , gave a speech on Athena hinnga Madrid . Suddenly his return to Berlin , and served in the government added a number of people in the international coalition the right shaft that will take office next Tuesday .

 

Asmussen said he wanted to resign from the ECB 's headquarters in Frankfurt , and accepted a position which is actually lower , in order to spend more time near his family are still small . " This was not an easy decision for me , " Asmussen said after the appointment was announced by the Minister of Labour German Andrea Nahles . " I will resign from the ECB 's executive board as soon as possible . Reasons I took this step is purely personal , related to the situation of my family . " He added : " It's just not possible to have jabata in Frankfurt for the long term , with business trips quite often , to let my family and especially my two young children in berlin . There is no other reason . "

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News and Review of European Economic Zone (UK)

 

Housing Sector in the UK is reported Improved

Tuesday, December 17, 2013

 

British Pound trading today ( December 17 ) shows the movement of the rupiah strengthened against the GBP / USD . British pound bullish pattern was observed in the strong terms of trade in the last two months .

 

On this day the Office for National Statistics reported that the signal is still quite good Enhancing the housing sector in the UK . This is shown by the increase in the indicator HPI y / y rate to 5.5 % from 3.8 % . 4.2 Estimates of economists .

 

Nevertheless Office for National Statistics ( Statistical Office of the UK ) also reported that there is a signal to the public that is less favorable in the production sector where the sector indicator weakened .

 

The development is indicated by a decrease in the fundamental indicators PPI Input m / m which fell to -0.7 % rate of value in the previous period is -0.4 % . Unfavorable report showed a worse performance than the estimated number of economists , who estimate the numbers will only worsen to -0.5 % .

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News and Review of European Economic Zone (UK)

 

Inflation in the UK in November Worsens

Tuesday, December 17, 2013

 

Temperature UK economy last few months where after yesterday's unfavorable Eurostat released the UK trade surplus in October fell to EUR 55.1 billion, the UK's Office for National Statistics released inflation slowed in November to 2.1 percent from 2.2 percent in October.

 

Previously inflation is expected to remain at 2.2 percent in November, but this November Inflation is still above the target of 2 percent. This happens driven slowdown in inflation of prices of consumer goods rose only 0.1 percent in November which is slightly slower than the 0.2 percent rise expected by economists.

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News and Review of European Economic Zone

 

Eurozone Trade Surplus Increases, France and England Loss

Tuesday, December 17, 2013

 

In October 2013, the trade surplus in the euro area rose to EUR 17.2 billion compared to the month of October 2012 of EUR 9.6 billion and EUR 10.9 billion in September 2013.

 

From September to October, exports by countries in the euro area rose 8.8 percent to EUR 172.2 billion, while imports grew 5.2 percent to EUR 154.9 billion.

 

While the trade surplus in the EU countries (EU28) and its partner countries amounted to EUR 4.3 billion, compared to EUR -10.2 billion in the previous year and EUR -0.7 billion in September.

 

EU28 energy deficit in the region in January-September 2013 decreased to EUR 287.1 billion, while the surplus for manufactured goods sales increased to EUR 286.6 billion.

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News and Review of European Economic Zone (UK)

 

UK Economic Recovery Still Face Challenges

Wednesday, December 18, 2013

 

BoE Governor , Mark Carney , warned that the UK's economic recovery is still facing challenges by weak economic conditions - the euro zone , the UK 's main export destination . " The challenge of weak demand from key trading partners of Europe could reduce potential growth in the UK . 's Apparently not a strong economic recovery , " said the BoE 's Carney told the British parliament . UK economic performance is now better than the majority of other developed countries . Recovery English sustained by consumption and exports are not so natural repair .

 

BoE 's Carney also did not see a rise in business investment as one of the factors driving economic activity . " There has been no surge in business investment and productivity levels are also not natural many changes , " said the BoE 's Carney . "The recovery has not been sufficient to restore economic activity to normal levels . Strong economic recovery is a requirement before the central bank to adjust its monetary stimulus . "

 

Meanwhile , sterling rose slightly in early Asia after comments BoE 's Carney signaled the continued momentum of the economic recovery in the world's largest 6 . GBP / USD is now trading 1.6484 ; trying to stay away from low -level daily 1.6260

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News and Review of European Economic Zone (UK)

 

UK Unemployment Rate Falls To 7.4 % Level

Wednesday, December 18, 2013

 

UK unemployment rate unexpectedly dropped for a period of three months to October to the lowest level since April 2009 , moved closer 7 % threshold which the Bank of England said they would consider a rate hike at that level .

 

The unemployment rate is measured by the International Labour Organization methods fell to 7.4 % from 7.6 % at the quarterly rate until the month of September, the Office for National Statistics said in London today . The median estimate of 32 economists had earlier said the unemployment rate unchanged at 7.6 % . In November , unemployment claims fell to 36,700 , lower than expected .

 

The figure sparked speculation that the Bank of England will Rev interest rates sooner than expected . Estimates will be a rate hike will come more quickly at the end of 2014 which is led by Mark Carney to reach the level of the unemployment rate at 7 % , but it will not automatically tighten policy .

 

Today's data has been to increase the risk of a rate hike sooner than the Bank of England say , "said Rob Wood , an economist at Berenberg Bank in London and a former Bank of England official . " It's easy enough to reach the threshold by the middle of next year with a degree of like this . " It's great news that the UK economy grew faster than estimated , but it would be a problem for the BOE as we are not far from reaching their threshold . "

 

The pound rose after the report and in perdagangakn at $ 1.6357 at 17:05 pm , an increase of 0.5 % on the day , the level of unemployment at 7.4 % is not expected by economists surveyed by Bloomberg .

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News and Review of European Economic Zone (Germany)

 

German Business Confidence Jumps To Level 20 Month High

Wednesday, December 18, 2013

 

The level of German business confidence rose to its strongest level in 20 months , gave the signal that the pace of recovery goes quickly in a country with the largest economy in Europe .

 

Index Ifo institute's business climate that is based on a survey of 7,000 executives , rose to 109.5 in December from 109.3 in Novembr . This figure is consistent with predictions of 39 economists in a Bloomberg News survey and it was the highest level since April 2012 .

 

Germany which rely on domestic growth as the euro zone , which is the biggest trade partner , is struggling to maintain the recovery . This week's survey data on sinyalkan increase in economic activity and the Bundesbank said that German GDP will rise by " strong " in the coming months after a slow start to the fourth quarter .

 

" The German economy is ending the year with a very strong note , " said Christian Schulz , an economist at Berenberg Bank in London . Ifo index showed further acceleration in investment momentum . German domestic demand should also assist countries in the euro zone crisis to follow the successful growth strategy led by exports .

 

A measure of the current state tergelicir be 111.6 in December from 112.2 , while the index rose to 107.4 from ekspektasu revised 106.4 . Ifo said in its report .

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News and Review of European Economic Zone

 

Currenct Account Surplus Widens Eurozone in October

Thursday, December 19, 2013

 

Eurozone current account surplus widened in October , after a contraction in September , show data from the European Central Bank on Thursday .

 

Current account balance , which is a measure of the financial position of the international economy , rose to a surplus of 21.8 billion euros ( $ 30 billion ) in October , after a revised rise to a surplus of 14.9 billion euros in September . Eurozone monetary surplus in goods trade rose to 17 billion euros in October from 13.7 billion euros in September , showed that the euro zone to do more exports than imports . Countries in the euro zone crisis has now turned to export markets for growth , in a move to reduce imports in their country .

 

In October , the surplus for the services sector rose to 9.4 billion euros , and a surplus of income rose to 4.7 billion euros . The deficit in the transfer narrowed to 9.4 billion euros . Data adjusted for seasonal effects and considering the number of working days each month ( fsyl )

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News and Review of European Economic Zone

 

In Euro Zone Consumer Price Dropped During November

Thursday, December 19, 2013

 

Consumer prices in the euro zone fell in November as weakening energy prices , while labor costs drove at a slower pace in the last three years during the three months to September , indicating subsiding inflationary pressures .

 

Although prices declined during the month of November, the EU statistics agency said on Tuesday that the annual rate of inflation rose to 0.9 % from 0.7 % , in line with the initial estimate . But there walapaun rise , inflation remains below the central bank's target of Europe or below 2.0 % and slowing labor costs showed that a significant increase probably will not happen in the coming months .

 

According to reports Eurostats , energy prices fell by 0.8 % during November , and fell by 1.1 % in the same month of 2012. Services prices also fell during the month of November, while the prices of manufactured goods and food rose slightly .

 

In a separate report , Eurosatt said that total labor costs in the three months to September was also 1.0 % higher than the same period in 2012 , while the salary has been 1.3 % higher . In both cases , the rate of increase is the smallest since the third quarter of 2010 .

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News and Review of European Economic Zone (UK)

 

UK Retail Sales Up 0.3 % During November

Thursday, December 19, 2013

 

Retail sales in the UK rose during November , led by sales of clothes as the cold weather stoking demand for winter clothing .

 

Sales including fuel rose by 0.3 % from the month of October , which is when the current was down 0.9 % in the revision become , in the report by the Office for National Statistics said today in London . The figure according to the median forecast of 23 economists surveyed by Bloomberg News . From a year ago , sales increased by 2 % .

 

Governor of the Bank of Englad , Mark Carney said this week that the recovery " survive " after the economy grew by 0.8 % in the third quarter and business survey results show continued growth in the current quarter . Outlook for consumer spending is improving, with the data this week showed reduced inflation and unemployment are at their lowest level in 4 ½ years .

 

Sales of clothing rose by 3.8 % in November from the previous month , when it fell by 3.4 % due to mild weather , according to the statistics bureau . Food sales rose by 0.2 % and sales at department stores fell by 3.1 % , its lowest level since February 2011 .

 

National Bureau of Statistics said that the weakness in department store sales largely reflected in their sites and transfer of the business to the internet . Online sales accounted for 11.4 % of transactions in department stores last month , up from 9.9 % in October . Internet shopping accounted for 11.9 % of all retail sales , the statistics bureau said .

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News and Review of European Economic Zone (France)

 

French Business Confidence Rises in December

Friday, December 20, 2013

 

Business confidence in France unexpectedly posted an increase in December , with a rebound to the level of the long -term average , according to the state statistics agency Insee on Friday .

 

Business confidence in the manufacturing sector increased to 100 in November from 98 in the previous month , which broke expectations of no change .

 

However , the data impressive business confidence is still not enough to change the Insee forecast earlier about the pace of the French economy . Economic growth is the 2nd largest in the euro zone is expected to slow in the first half of next year after posting a rebound in the last quarter of 2013 .

 

French GDP expected to grow 0.4 % in the last 3-month period in 2013 , after a contraction in the previous quarter . But going back quarterly growth slows to 0.2 % in the first half of this year , according to Insee forecast