Economy

Bank of Spain Sees Economy Shrinking as Much as 15% in 2020 – BNN

Published

4 years ago

June 8, 2020

(Bloomberg) —

Spain’s economy could shrink this year by as much as 15% in a worst-case-scenario, according to the country’s central bank, a contraction that would be among the steepest in the euro-area.

Spain has had one of the strictest coronavirus confinements in the region and is among the most dependent on tourism, which leaves the euro-area’s fourth-largest economy particularly vulnerable to the unprecedented shock caused by the global pandemic.

The sharp decline is also likely to be followed by a more robust rebound than euro-area peers, central bank chief economist Oscar Arce said in a presentation to journalists on Monday. In the worst-case-scenario, the economy would grow around 7% in 2021.

Let’s block ads! (Why?)

Source link

Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

3 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

Source link