France cuts growth forecasts for 2014 and 2015
France today cut its growth forecasts for both this year and next and said it would miss its public deficit target this year.
It urged its European peers and their central bank to take steps to boost faltering growth and head off deflation.
Although he did not specifically comment on the key 2015 target – when France’s public deficit is due to come into line with the EU’s 3% of …
Wages to rise as recovery takes hold
In its latest assessment of the economy, it claimed the coming year would bring further increases in average earnings following years of pay restraint, with total wage packets being pushed up on average 0.5pc this year and 1pc in 2015.
But it also warned that while the jobless rate is in decline, long-term unemployment remains “worryingly high”.
The news comes just a day after stockbroker Davy said that a raft …
German economy contracts unexpectedly in second quarter
The data, combined with weakness in other large countries like Italy, is likely to raise new doubts about the recovery in the euro zone, which is struggling to emerge from the deep financial crisis that nearly tore it apart.
Germany’s Federal Statistics Office said the economy shrank by 0.2pc between April and June. It had been forecast to stagnate, according to a Reuters poll.
It was a marked slowdown from …
Positivity hits five-year high despite concerns over hiring costs
Spending Is on the rise and companies believe the availability of credit from all sources Is improving, according to the latest Deloitte CFO survey.
But despite the positivity, the men and women who control the finances of some of Ireland’s large private companies remain cautious about the overall state of play in the economy.
While they see unemployment falling and the recovery continuing, just over a half surveyed believe the …
Bailout loan can be repaid early, says IMF
Finance Minister Michael Noonan has said taxpayers could save up to €375m per year if the State was able to pay off a share of the IMF portion of the €67.5bn bailout.
But unless there is agreement from Europe, repaying the IMF portion of the loan early would automatically trigger the repayment of the less onerous European share of the bailout, wiping out the benefits.
Mr Noonan said he will …