Picture used for illustrative purpose. File
French consumer spending rose 2.3% in August, defying market expectations for a second straight month of falling expenditure, official data showed on Wednesday.
The average forecast in a Reuters poll of economists had been for a 0.2% fall in spending. Spending fell 0.9% in July.
Consumers spent 49 billion euros, the highest volume in more than a decade, the data showed.
The quicker pace was driven by an increase in food purchases and a surge in spending on clothing during delayed summer sales. Diesel and petrol consumption decreased on the previous month.
Production at French factories, mines and water-treatment plants jumped an unprecedented 19.6% in May, nearly erasing an equally unprecedented plunge of 20.6% the previous month, the INSEE stats agency said.
France is faring worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% plunge in GDP during the April-June period as its exports and business investment collapsed.
The French government said on Saturday that it will unveil a week later than originally planned a 100-billion-euro ($118 billion) plan to nurse its coronavirus-stricken economy back to health.
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, on Sunday met with Ruth Porat, President and Chief Investment and Financial Officer of Alphabet and Google. In the meeting held at the Dubai International
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, on Sunday announced the launch of its Sustainable Finance Catalyst to mark COP28’s Finance Day. DIFC’s Sustainable Finance Catalyst, which will be part of
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alfredo E. Pascual, Secretary of Trade and Industry of the Department of Trade and Industry for the Republic of the Philippines, finalised the scope of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between
The World Bank is working with a club of 15 finance bosses to lower the risk of investing in climate projects in emerging economies and attract private capital for cutting emissions. Ajay Banga, the World Bank’s president, said the Private Sector Investment Lab is focused on “figuring out a model of