France and Spain give euro zone economy a boost before outlook darkens
France and Spain give euro zone economy a boost before outlook ... Reuters
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Sustainable Development Goals (SDGs)
France and Spain Display Resilience in Second Quarter, Germany Stagnates
- The French and Spanish economies showed unexpected resilience in the second quarter.
- Stagnation in Germany points to renewed weakness ahead for the euro zone.
- Manufacturing is ailing and services are slowing down.
French and Spanish Economies
- France and Spain experienced sustained growth in the second quarter.
- This growth was driven by stronger exports and tourism.
- Germany, on the other hand, remained the worst-performing major economy in the euro zone.
German Economy Stagnates
- German gross domestic product stagnated in the second quarter after a mild recession in winter.
- Household consumption helped avoid a longer recession.
Outlook for the Euro Zone
- Although there were some positive trends, German Economy Minister Robert Habeck described the figures as “anything but satisfactory.”
- Weak purchasing power, thinned-out industrial order books, the impact of aggressive monetary policy tightening, and the expected slowdown of the U.S. economy all contribute to weak economic activity.
- Economists forecast second quarter growth of 0.4% for the euro zone when bloc-wide figures are released.
Uncertain Outlook for the Euro Zone
- The European Central Bank (ECB) is pausing its rate-hiking campaign to fight record inflation due to the uncertain outlook for the euro zone.
- A survey of large firms conducted by the ECB showed stagnating activity levels and no improvement in the current quarter.
- Multiple indicators suggest that the euro zone is performing at the weaker end of expectations with recession risks on the rise.
Monetary Tightening and Activity
- The ECB raised rates for the ninth successive time but left the door open to a pause in September.
- Core inflation seems to be stickier than previously thought.
- Economists believe that monetary tightening will have a negative impact on activity in the second half of the year.
Reporting by Tassilo Hummel, Inti Landauro, Maria Martinez and Balazs Koranyi; Editing by Dominique Vidalon, Christopher Cushing and Toby Chopra
Our Standards: The Thomson Reuters Trust Principles.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value added and labor-intensive sectors | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises (MSMEs) | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.4: Improve progressively, through 2030, global resource efficiency in consumption and production and endeavor to decouple economic growth from environmental degradation, in accordance with the 10-year framework of programs on sustainable consumption and production, with developed countries taking the lead | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.6: By 2020, substantially reduce the proportion of youth not in employment, education, or training | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.7: Take immediate and effective measures to eradicate forced labor, end modern slavery and human trafficking, and secure the prohibition and elimination of the worst forms of child labor, including recruitment and use of child soldiers, and by 2025 end child labor in all its forms | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.8: Protect labor rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.a: Increase Aid for Trade support for developing countries, particularly least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.b: By 2020, develop and operationalize a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization | Indicator not mentioned in the article |
| SDG 8: Decent Work and Economic Growth | Target 8.c: By 2020, substantially reduce the proportion of youth not in employment, education, or training | Indicator not mentioned in the article |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all | Indicator not mentioned in the article |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries | Indicator not mentioned in the article |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets | Indicator not mentioned in the article |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities | Indicator not mentioned in the article |
| SDG 9
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