The blog post gives insight into European news, specifically financial and business developments. Issues such as Eurozone Q4 GDP growth, employment rates, oil spikes, and EU sanctions against Russia are all covered in our blog. The developments have positive and negative impacts on the economy and citizens alike. The following posts respectively highlight Eurozone’s GDP growth, oil bans and the spike of oil prices.
Investment drives Eurozone Q4 GDP growth, employment up
This post highlights that the Eurozone witnessed a Q4 GDP growth in the last quarter of 2021 due to investment push and employment rise. Inventories contributed 0.3 points, households a staggering 2.6 points because of a drop in consumption due to another wave of Covid-19. Eurostat estimated that all 19 countries using the Euro saw an increase in gross domestic product. The employment rate rose steadily and maintained growth in the last three months of 2021. It is a positive development that can boost the economy and improve living conditions.
Oil spikes to 2008 highs as US, Europe mull Russian oil import ban
The oil prices have sharply increased by 9%, and are the highest they’ve been since 2008. This blog post talks about how the USA and Europe contemplate a Russian oil ban and what that means for oil prices.
Russia is the leading global supplier of oil. A total ban on supplies is a serious threat to the global economy. There are growing fears that countries are likely to face a shortage in oil supply. The concern over the impact on the economy and inflation is growing. This is worsened by delays in the potential return of Iranian crude to global markets. The ban will force citizens to fork out more as the price of oil increases, which is expected to keep rising.
Nothing off the table over further EU sanctions against Russia – McGuinness
The EU will go ahead with its original plans to impose more sanctions against Russia. This post reflects on Mairead McGuinness’ statement about weakening Russia’s financial power. The method is yielding expected results fast. Freezing Russia’s central bank assets is hurting the country so far. The member states have remained united in their endeavor to isolate Russia. The central banks across Europe are seriously monitoring the financial movement of blacklisted companies and individuals. The sanctions remain targeted at the Russian government and not its citizens. McGuinness has not ruled out that the sanctions will hurt the EU but stressed that it is a pain worth enduring.
The above blog posts highlight some of the most important financial developments in Europe over the last few months. Oil prices have spiked and the sanctions against Russia are proving to be detrimental to the EU. However, there are also some positives on the horizon for the EU. For more information on finance and news, click here.