EFG Hermes fintech subsidiary to expand in Saudi Arabia in 2022 — CEO

Germany’s gross domestic product grew by a yearly rate of 2.5 percent in the third quarter of this year, data from the country’s Federal Statistics Office showed.

This was driven by higher shipments abroad as exports rose by 5.5 percent year-on-year.

Household and government final consumption also expanded, rising by 1.6 percent and 2.2 percent from a year earlier.

The gross value added increased for nearly all sectors in the third quarter of 2021, when compared to the same period last year. Business services experienced the highest growth, jumping by 6.1 percent. 

The sector of public services, education and health witnessed a 2.9 percent rise while the group of trade, transport, accomodation and food underwent a growth rate of 2.8 percent.

Employment was also slightly up, increasing by 0.6 percent from a year ago. Labor productivity enhanced by 0.1 percent as well.

Meanwhile, consumer confidence in the EU’s largest economy slumped, according to the German GfK Group. The Nuremberg-based firm predicts consumer confidence to reach -1.6 in December down from November’s reading of 1.

This is the lowest level in six months and was partly due to a resurgence of Covid-19 cases, risking possible restrictions.

GfK said that both economic and income expectations were down for consumers.

Korea’s interest rate decision

Korea’s central bank decided to raise the country’s interest rate by 25 bps to reach 1 percent, in the Monetary Policy Board’s latest meeting. 

This comes at a time when the Bank of Korea wants to rein in inflationary pressures as consumer price inflation reached around 3 percent on the back of low base effects and rising petroleum prices.

The central bank also released its GDP forecasts for the country, in its economic outlook report. Korea’s economy is expected to expand by 4 percent in 2021 and 3 percent in 2022. 

The report said that the recovery of private consumption will induce a continuation in the expansionary path of exports and investments.

Mexico’s GDP

Mexico’s output narrowed by a quarterly rate of 0.4 percent in the third quarter of this year, official data showed. 

While the output of primary and secondary activities expanded by 1.3 and 0.3 percent respectively, production in the tertiary sector, mainly services, declined by 0.9 percent quarter-on-quarter.

Spanish producer prices

Producer prices in Spain surged by an annual rate of 31.9 percent in October, up from 23.8 percent in the previous month, data by the country’s official statistics agency revealed.

This was mainly driven by soaring energy prices, which went up 87.3 percent year-on-year. Prices of intermediate goods also rose considerably, increasing by 19 percent.