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| Eurozone GDP growth revised up to 0.6% in first quarter |
 The revision higher came in part thanks to industrial powerhouse Germany recording 0.4 percent growth during the quarter. Photo: INA FASSBENDER / AFP/File
Source: AFP The eurozone economy expanded at a significantly faster pace than estimated in the first three months of 2025, official data showed Friday, thanks to better-than-expected growth in Germany and strong output in Ireland. Economists were quick to warn against reading too much into the data, describing it as "misleading" and warning of more pain to come because of volatile US trade policy. The EU's data agency said the 20-country single currency area recorded growth of 0.6 percent over the January-March period from the previous quarter, up from the 0.3 percent figure published last month. That figure was itself a downward revision from a first estimate of 0.4 percent issued in April. The boost came thanks to the EU's economic powerhouse, Germany, recording 0.4 percent growth in the first quarter -- revised up from 0.2 percent growth estimated in May. The data confirms a pivot back to expansion for Germany after its economy contracted by 0.2 percent in the final quarter last year. Meanwhile, Ireland saw a whopping revision in growth to 9.7 percent in the January-March period, Eurostat said, up from the May estimate of 3.2 percent. Experts at Oxford Economics cautioned the eurozone revision was "misleading" and "due to the extreme change in Ireland's first quarter growth, without which eurozone GDP grew 0.3 percent." Ahead of US President Donald Trump's tariffs entering into force against the EU, there was a proliferation in product orders as exporters raced to ship goods before duties kicked in. "Following on from the tariff frontloading seen in (the first quarter), we expect weaker growth for the rest of the year due to higher tariffs, exceptional trade policy uncertainty," Oxford Economics said in a statement. The first quarter growth figure for the 27-country European Union as a whole was also revised to 0.6 percent, Eurostat said, up from 0.3 percent estimated last month. Trump's tariffs still threaten to hurt economic growth in the single currency area as the EU faces 50-percent tariffs on steel and aluminium and 25-percent duties on auto imports. Brussels and Washington are scrambling to agree a mutually beneficial deal to avoid sweeping US tariffs on a majority of EU goods before July 9. |
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London-bound plane with 242 on board crashes into doctors' housing in India A London-bound passenger plane crashed in the Indian city of Ahmedabad on Thursday and all 242 people on board were believed killed, with the jet smashing into buildings housing doctors and their families. Air India said there were 169 Indian passengers, 53 British, seven Portuguese, and a Canadian on board the flight bound for London |
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ArcelorMittal inaugurates world-class iron ore concentrator By Stephen G Fellajuah Yekepa, Nimba County, June 6, 2025: ArcelorMittal Liberia has commissioned the country’s first-ever world-class iron ore concentrator plant, marking a major milestone in the company’s Phase II expansion and a transformative step for Liberia’s mining sector. The inauguration ceremony took place on Thursday, June 5, 2025, in Tokadeh, Nimba County. It …The post ArcelorMittal inaugurates world-class iron ore concentrator appeared first on Liberia |
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Liberia launches Health Insurance Policy for Vulnerable Citizens In a move to expand healthcare access across Liberia, the Government has officially launched the country’s first health insurance policy for vulnerable citizens. By Kruah Thompson Monrovia, June 6, 2025: The policy, a pilot project, was unveiled at the Ministry of Information, Cultural Affairs, and Tourism’s (MICAT) weekly press briefing on Thursday, June 5, 2025. …The post Liberia launches Health Insurance Policy for Vulnerable Citizens appeared first on Liberia news |
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Boakai suspends import Tariff on Rice Executive Mansion, Monrovia, June 6 – President Joseph Boakai has issued an Executive Order suspending import tariffs on rice. Capitol Hill, June 6, 2025: A release from the Executive Mansion says the move is to ease the economic burden on Liberians and stabilize the price of rice. The Mansion in its release said, “Recognizing the …The post Boakai suspends import Tariff on Rice appeared first on Liberia news The New Dawn Liberia, premier resource for latest |
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Africa is losing $40b a year to illicit financial flows in the extractive sector Mr. Antonio Pedro, the Deputy Executive Secretary of the Economic Commission for Africa (ECA), has said that Africa is experiencing significant losses, estimated at around $40 billion annually, due to illicit financial flows (IFFs) in the extractive sector.The post Africa is losing $40b a year to illicit financial flows in the extractive sector appeared first on Ghana Business |
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Cedi appreciation will reflect on prices of goods and services overtime – stakeholders Representatives of traders and captains of industry have justified the slow pace in reduction of goods and services despite the relative stability of the cedi against the United States dollar and other major foreign currencies on the interbank trade market. The post Cedi appreciation will reflect on prices of goods and services overtime – stakeholders appeared first on Ghana Business |