Economy

Türkiye’s Unemployment Rate Drops to 8.7% in 2024, a 12-Year Low

March 20, 2025

Türkiye’s Unemployment Rate Drops to 8.7% in 2024, a 12-Year Low

Official data shows Türkiye’s unemployment rate fell by 0.7 percentage points to 8.7% in 2024, with over 150,000 fewer jobless individuals and improvements across various age groups and genders. Top officials welcomed the results, which exceeded medium-term program targets, and emphasized that increased employment figures reflect the government's commitment to boosting production, exports, and curbing inflation.

Germany’s Parliament Approves Merz’s €1tn Spending Plan

March 19, 2025

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Germany’s Parliament Approves Merz’s €1tn Spending Plan

Germany’s parliament has given the green light to Chancellor-in-waiting Friedrich Merz’s ambitious plan to inject up to €1tn into defense and infrastructure projects. The reform aims to relax strict borrowing limits, exempt defense spending from the “debt brake,” and create a €500bn, 12-year fund to modernize the nation’s infrastructure, marking a pivotal shift in Germany’s fiscal policy and European rearmament efforts.

Banque de France Records Historic Net Loss of €7.7bn in 2024

March 19, 2025

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Banque de France Records Historic Net Loss of €7.7bn in 2024

The Banque de France posted a record net loss of €7.7bn in 2024 an unprecedented figure, according to Governor François Villeroy de Galhau. The loss was driven by the ECB’s high interest rates, which sharply increased the bank's costs on deposits while its low-yield bond purchases from the Covid era continued to weigh on its balance sheet. Despite the setback, the governor warned that the loss is unlikely to persist into the future and ruled out the need for state recapitalization.

OECD Cuts UK Growth Forecasts as Economic Challenges Mount

March 18, 2025

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OECD Cuts UK Growth Forecasts as Economic Challenges Mount

The OECD has downgraded its UK GDP growth forecast for 2025 to 1.4% a reduction of 0.3 percentage points and predicts a further slowdown to 1.2% in 2026. The revision comes as Chancellor Rachel Reeves grapples with a stagnant economy, worsened by trade tensions, particularly US tariffs on key imports, and a recent 0.1% contraction in January. The downgrade adds to pressure on public finances and highlights the urgent need for new growth sources.

UK Food and Drink Exports to EU Plunge by 34% Post-Brexit

March 16, 2025

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UK Food and Drink Exports to EU Plunge by 34% Post-Brexit

UK food and drink exports to the EU have fallen by 34% since Brexit, as increased trade barriers and regulatory requirements hinder shipments. Meanwhile, imports into the UK have reached record highs, exacerbating challenges for domestic producers.

Gold Hits Record $3,000 Amid Global Trade War Uncertainty

March 16, 2025

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Gold Hits Record $3,000 Amid Global Trade War Uncertainty

Gold prices have surged past $3,000 per ounce for the first time, driven by economic uncertainty and escalating trade tensions. Investors are turning to gold as a safe-haven asset amid U.S. tariffs, central bank gold purchases, and rising geopolitical instability.

Cruise Passenger Arrivals in Türkiye Jump Staggering 509% in February

March 14, 2025

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Cruise Passenger Arrivals in Türkiye Jump Staggering 509% in February

Türkiye's cruise tourism experienced a remarkable surge in February 2025, with passenger arrivals soaring by 509% year-over-year to 29,826. The increase, coupled with a 220% rise in the number of cruise ships docking at Turkish ports, set new monthly records and highlights Türkiye's growing status as a top global cruise destination.

Trump Threatens 200% Tariff on European Wine, Champagne and Spirits

March 14, 2025

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Trump Threatens 200% Tariff on European Wine, Champagne and Spirits

US President Donald Trump warned that if the EU does not immediately remove its planned 50% tariff on American whiskey imports, the US will impose a 200% tariff on wines, champagnes, and other alcoholic products from EU countries. This move escalates ongoing trade tensions as the US seeks to pressure its allies while the EU vows a strong yet proportionate response.