To tackle over-tourism and encourage local residency, Venice is set to increase its entrance fee to the city’s historic center. The fee, initially introduced at 5 euros in April, will rise to 10 euros starting in 2025. This increase is part of a broader strategy by city officials to manage the impact of high visitor…
In May 2024, Germany’s consumer prices, harmonized with EU standards, experienced a year-on-year increase of 2.8%, according to preliminary data from the Federal Statistical Service (Destatis). This marks an acceleration from April’s 2.4% rise. Every month, consumer prices grew by 0.2% in May, following a more substantial 0.6% increase in April. These figures surpassed analysts’…
In a testament to Germany’s economic resilience, the index of German business confidence has experienced a notable uptick for the third consecutive month, soaring to its highest level since May 2023. The latest data, compiled by the Munich Institute of Economic Research Ifo, reveals a surge in confidence, with the indicator climbing to 89.4 points…
Italy will levy a tax on banks with up to value in the coming months. In Italy, banks will be taxed at 40% already this year, in case of high profits. Deputy Prime Minister and Infrastructure Minister Matteo Salvini said he would use the funds to help mortgagees and reduce taxes. This regulation, which according…
According to the Statistical Service of the European Union, among the most expensive EU countries, the difference between the prices of services and consumer goods, including food, remains in 27 states of the Union. Last year, the topper on the list of the most expensive EU countries was Ireland, where the cost of living was…
Beyonce Effect has been affected due to Inflation in Sweden, which rose to 9.7% in May, marking the first time in six months that the indicator fell below the double-digit threshold. However, it still surpassed the expectations of experts, causing concerns within the economic landscape. Danske Bank economists have identified an unexpected factor influencing inflation:…
According to the latest Regional Economic Prospects of the European Bank for Reconstruction and Development (EBRD), early estimates of quarterly gross domestic product (GDP) growth in 2022 are preliminary and may be revised. “Inflation may be on the decline, but it remains in double digits in more than three-quarters of the countries where we operate….
The International Monetary Fund (IMF) has released its latest forecast for the global economy, indicating a slightly lower economic growth outlook for the Eurozone in 2023. According to the IMF’s April estimate, the projected economic growth rate for the Eurozone stands at 0.8%, while the expected level of inflation is 5.3%. The IMF’s global economic…
The European Central Bank (ECB) has announced a further tightening of monetary policy in response to rising inflation. In a statement released today, the ECB cited the need to overcome increased inflation as the primary reason for the decision. As part of the policy shift, the European Central Bank committee has increased the refinancing rate…
Consumer prices or inflation in Germany rose by 9.2% in January. Inflation slowed down to 9.6% in December. The country’s Federal Statistical Management gives this data. The data aligned with the preliminary estimate and consensus of analysts polled by Bloomberg and Trade Economics. Why Inflation in Germany is Volatile: Consumer prices rose by 0.5% month-on-month,…
