Eurozone Economy Enters Recession As Estimated In Q1
Tue, 18 May 2021 14:56:00 +0000

The euro area economy re-entered recession in the first quarter, as initially estimated, due to the restrictions imposed to contain the spread of the Covid-19 pandemic.

Gross domestic product contracted 0.6 percent from the fourth quarter, when GDP was down 0.7 percent, flash data from Eurostat revealed on Tuesday. The rate came in line with the estimate published on April 30.

After a record expansion in the third quarter of 2020, GDP had fallen for the second straight time, pushing the economy back into a technical recession.

On a yearly basis, GDP fell 1.8 percent in the first quarter, but slower than the 4.9 percent decrease seen in the fourth quarter. The annual rate also matched the flash estimate.

The continued progress on reducing Covid infections and administering vaccines suggests that the region's economic recovery is underway, Jack Allen-Reynolds, an economist at Capital Economics, said.

Turning to the labor market, the economist said employment and labor market participation should soon start to recover too, but the rebound in hiring will probably be quite slow.

The number of employed persons decreased 0.3 percent sequentially, in contrast to a 0.4 percent rise in the fourth quarter. On a yearly basis, the decline in employment deepened to 2.1 percent from 1.9 percent.

Another report from Eurostat showed that the trade surplus declined in March due to a fall in exports amid rising imports.

The trade surplus declined to a seasonally adjusted EUR 13 billion in March from EUR 23.1 billion in February. Exports dropped 0.3 percent, while imports were up 5.6 percent.

On an unadjusted basis, the trade surplus decreased to EUR 15.8 billion from EUR 29.9 billion a year ago. Exports advanced 8.9 percent and imports grew sharply by 19.2 percent.


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Cyprus Economic Contraction Slows In Q1
Tue, 18 May 2021 14:38:00 +0000

Cyprus' economic contraction slowed in the first three months of the year, but the economy remained in recession, as activity picked up amid an easing in restrictions linked to the coronavirus pandemic, preliminary data from the statistical office showed Tuesday. Gross domestic product decreased a non-adjusted 1.6 percent year-on-year following a 4.5 percent slump in the fourth quarter of 2020. In the same period last year, the economy grew 1.0 percent. On a seasonally and working-day adjusted basis, GDP fell 1.6 percent year-on-year after a 4.4 percent decline in the previous quarter. Economic output has been falling in annual comparison since the second quarter of 2020 when the coronavirus started impacting activity across the world. Compared to the previous quarter, GDP grew a seasonally and working-day adjusted 2.0 percent in the first quarter following a 1.1 percent increase in the previous three months. The statistical office attributed the negative GDP growth to weak performance in the hospitality sector, manufacturing, transport, storage and communication, wholesale and retail trade, repair of motor vehicles, arts, entertainment and recreation, and other service activities.


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Dutch Exports Rises In March
Tue, 18 May 2021 14:29:00 +0000

Dutch exports and imports increased in March, figures from the statistical office CBS showed on Tuesday.

Merchandise exports grew 10.4 percent year-on-year in March, following a 3.0 percent rise in February. Exports increased for the third consecutive month.

The latest growth was the largest after 2017, the agency said.

In March, more machines, transport equipment and agriculture products were mainly exported, the agency said.

Imports increased 10.1 percent annually in March, following a 4.8 percent rise in the prior month. Imports rose for the second straight month.

In the first quarter, exports and imports grew by 5.6 percent and 4.9 percent, respectively.


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*Cyprus Q1 GDP -1.6% Y/Y Vs. -4.4% In Q4 - Flash
Tue, 18 May 2021 14:17:00 +0000

Cyprus Q1 GDP -1.6% Y/Y Vs. -4.4% In Q4 - Flash


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*Bulgaria Q1 GDP +2.5% On Quarter Vs. +2.2% In Q4
Tue, 18 May 2021 14:12:00 +0000

Bulgaria Q1 GDP +2.5% On Quarter Vs. +2.2% In Q4


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*Bulgaria Q1 GDP -1.8% On Year Vs. -3.8% In Q4
Tue, 18 May 2021 14:12:00 +0000

Bulgaria Q1 GDP -1.8% On Year Vs. -3.8% In Q4


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*Bulgaria Q1 GDP -1.8% Y/y Vs. -3.8% In Q4
Tue, 18 May 2021 14:11:00 +0000

Bulgaria Q1 GDP -1.8% Y/y Vs. -3.8% In Q4


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Norway Trade Balance Swing To Surplus In April
Tue, 18 May 2021 14:06:00 +0000

Norway's trade balance swung to surplus in April from a year ago, amid a rise in exports and imports, data from Statistics Norway showed on Tuesday.

The trade balance registered a surplus of NOK 17.0 billion in April versus a deficit of NOK 3.857 billion in the same month last year. In March, the trade surplus was NOK 24.992 billion.

Exports accelerated 59.0 percent year-on-year in April and decreased 16.8 percent from a month ago.

Imports grew 17.3 percent annually in April and declined 11.6 percent from the previous month.

The mainland trade deficit increased to NOK 25.0 billion in April from NOK 22.37 billion in the previous month. In the same month last year, the trade deficit was NOK 20.385 billion.


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Euro Little Changed After Eurozone GDP, Trade Data
Tue, 18 May 2021 14:06:00 +0000

At 5.00 am ET Tuesday, Eurostat has published euro area flash GDP and external trade data. The euro changed little against its major rivals after these data.

The euro was trading at 133.02 against the yen, 1.2217 against the greenback, 1.0960 against the franc and 0.8595 against the pound around 5:05 am ET.


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*Eurozone Mar Imports Rise 5.6% M-o-M
Tue, 18 May 2021 14:06:00 +0000

Eurozone Mar Imports Rise 5.6% M-o-M


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