By ELENA BECATOROS Published June 29, 2018 Markets Associated Press Facebook Twitter Comments Print article Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt pile will remain difficult to manage in the long term, the International Monetary Fund said Friday. Continue Reading Below In a report of the country's economy, the IMF said the country would emerge from its bailout "having largely eliminated macroeconomic imbalances." It noted, however, that growth was still hampered by "significant crisis legacies and an unfinished reform program." The finance ministers of the 19-nation eurozone agreed last week to grant a 10-year extension to the repayment of loans, as well as to release a last batch of bailout loans worth 15 billion euros ($17 billion). In return, Greece has agreed to run primary surpluses — that is, a budget surplus when excluding the cost of financing debt … [Read more...] about IMF: Greek economy improved, but may need more debt relief
Economy
IMF: Greece’s economy improved, but challenges remain
Published June 29, 2018 Markets Associated Press Facebook Twitter Comments Print The International Monetary Fund says Greece has significantly improved its economy, but still "faces many challenges" as it heads toward the end of its third and final international bailout in August. The IMF said Friday that Greece has "largely eliminated macroeconomic imbalances," but noted growth was still hampered by "significant crisis legacies and an unfinished reform program." Continue Reading Below It noted there is still uncertainty over whether Greece's heavy debt load is sustainable, despite a recent agreement with European creditors to lighten its terms. Greece has depended on rescue loans since 2010, gripped by a financial crisis that saw it almost crash out of Europe's joint currency, the euro. In return for loans, successive governments have made wide-reaching reforms, including overhauling the pension and social security systems, raising taxes and slashing … [Read more...] about IMF: Greece’s economy improved, but challenges remain
The economy grew faster than thought in the first three months of 2018
Britain's economy grew faster than expected in the first quarter of 2018, boosted by a stronger than thought construction industry. Revised data released by the Office for National Statistic today upgraded growth for January to March from 0.1 per cent to 0.2 per cent. The increase is a boost for Chancellor Philip Hammond but the growth figure is still half what it was a year ago. The slowdown was blamed on the cold winter weather. Better growth will fuel prospects of an interest rate hike from the Bank of England. Revised data released by the Office for National Statistic today upgraded growth for January to March from 0.1 per cent to 0.2 per cent The increase is a boost for Chancellor Philip Hammond (pictured at Mansion House last week) but the growth figure is still half what it was a year ago. The slowdown was blamed on the cold winter weather The ONS raised the figure in its final estimate after a notable upward revision in construction output, which mainly … [Read more...] about The economy grew faster than thought in the first three months of 2018
Consumers’ confidence in UK economy slumps
PUBLISHED: 09:42 29 June 2018 | UPDATED: 09:42 29 June 2018 Consumer confidence has been affected by a fall in people's optimism about the general economy, GfK said. Picture: ANTONY KELLY Archant Norfolk 2018 “Self-imposed austerity” among shoppers ahead of Brexit has caused a crash in consumer confidence, a new survey suggests. GfK’s consumer confidence index fell two points to minus nine in June, largely influenced by a deterioration in people’s optimism about the general economy. Confidence in personal finances fell by one point – still one point higher than it was 12 months ago – but the forecast for the coming year dropped by two points, six points higher than last June. However confidence in the general economic situation over the last year fell four points to minus 28, three points lower than a year ago, and expectations for the coming year also fell four points to minus 25. The major purchase index, an indicator of confidence in buying … [Read more...] about Consumers’ confidence in UK economy slumps
ABQ’s economy gaining steam
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........Copyright © 2018 Albuquerque JournalThe Albuquerque area is on a roll.Unemployment in the area has dropped to 4.2 percent, the number of jobs is growing to nearly the pre-recession peak and the city’s gross receipts tax collections are returning to health.ADVERTISEMENT“The unemployment rate is a good indicator that our economy is slowly gaining momentum, and the people of Albuquerque are better able to find jobs and support their families,” said city Chief Financial Officer Sanjay Bhakta. “Coupled with our growth in GRT, this is good news for Albuquerque’s economy.”Unemployment in the metro area dropped from 5.7 percent a year ago to 4.2 percent in May, according to the state Department of Workforce Solutions. The last time it was that low was in June … [Read more...] about ABQ’s economy gaining steam