China’s Gross Domestic Product (GDP) grew 4.8 percent from January to September, according to data from the National Bureau of Statistics through its deputy director, Sheng Laiyun.

The official indicated in a press conference that the GDP stood at 94.97 trillion yuan (13.33 trillion dollars) in the described period, clarifying that during the third quarter, the Chinese economy experienced an expansion of 4.6 % from year to year.

Laiyun has described the performance of the local economy as stable, amid adverse external factors. He highlighted the economic recovery in September, with an increase in production and demand. In the industrial production sector, as well as equipment manufacturing and high-tech, an increase of 5.8 % was seen compared to 2023. Likewise, the service sector showed an increase of 4.7 % in added value.

“Consumption maintained an upward trend, with a 3.3% growth in retail sales of consumer goods compared to last year. Investment in fixed assets rose by 3.4 %, driven by the vibrant influx of capital into high-tech industries.”

The Chinese government is striving to coordinate existing policies with new ones, for their prompt implementation, which will lead the Asian country to the economic and social development goals set for the entire year.

M.Pino

Source: Xinhuanet

(Reference image source: Christian Lue in Unsplash)

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La entrada China’s GDP grew 4.8 percent from January to September apareció primero en Bitfinance.

The Government of Argentina announced an increase in electricity tariffs that will take effect in April. The main objective is to “normalize the electricity sector” and promote the efficient use of energy in the South American country. According to official sources, this increase will affect different user groups proportionally.

• Higher Income Users: The electricity bill for this group will increase by up to 150 % for average consumption.
• Sectors with Lower Purchasing Power: Here, the increase will be around 65 %. However, if the electricity consumption reaches 600 KW/h (the average being 380 KW/h), the increase could be as high as 130 %.

The Ministry of Energy of Argentina has pointed out that during the period 2019-2023, electricity tariffs remained static, with insufficient punctual adjustments. This lack of updating distorted the real costs of electricity supply, affecting both users and the technical and revenue-raising operation of the system as a whole.

The Department of Energy, under the administration of ultra-liberal Javier Milei and subordinate to the Ministry of Economy, considers this “tariff correction” to be essential for restoring relative prices in the economy, ensuring the economic self-sufficiency of the electricity system and laying the foundations for promoting private investment.

Next steps will include measures to restore the functioning of the wholesale market, reallocating subsidies to help those with lower purchasing power, and promoting responsible and efficient use of energy for intensive consumers.

K. Tovar

Source: Bancaynegocios

(Reference image source: @RadNalCo, X)

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La entrada Argentina will increase electricity tariffs apareció primero en Bitfinance.

The consumer confidence index in the United States registered a drop in May, going from 103.7 points in April to 102.3 points in the fifth month of the year.

The main reason for the drop in the consumer confidence index is a combination of elements, including the prevailing uncertainty in the business market, debt, and the labor market, among others.

Consumers show a pessimistic perspective regarding the situation of the domestic market. This has affected the expectations index, “based on consumers’ near-term outlook on income, business and labor market conditions, it has fallen to 71.5 from 71.7 in April.”

Regarding inflation expectations, a sensitive issue not only for the United States but for the entire continent, consumers believe that it will continue to rise. Added to this is the fear triggered by the recent cases of bank failures that have shaken the country’s financial system.

In this regard, analysts at Pantheon Macroeconomics have pointed out: “Real consumption will be much weaker and the expectations index will sink further as the full effects of the recent bank failures become more evident. In particular, the reduced availability and the higher cost of consumer credit, as banks focus on generating liquidity rather than expanding their loan portfolios.”

M.Pino

Source: Bolsamania

(Reference image source: Hobi industri, Unsplash)

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La entrada Consumer confidence index in the United States fell in May apareció primero en Bitfinance.

According to a recent study, global Internet traffic reached a new record in 2022, with Netflix leading the list with 14.9 % of total volume, closely followed by YouTube with 11.6% and Generic OUIC with 5, 9 %

The study also revealed that Disney+ and TikTok accounted for 4.5 % and 3.9 % of global internet traffic, respectively. The increase in Internet traffic is attributed to the growing demand for online video streaming services and the popularity of social media.

Global internet traffic volume in 2022:

📺 NETFLIX: 14.9%
🎥 YouTube: 11.6%
💻 Generic OUIC*: 5.9%
🎬 Disney+: 4.5%
🎵 TikTok: 3.9%
🌐 HTTP media stream: 3.7%
📥 Downloads: 3.0%
🎮 Xbox Live: 2.9%
💬 Facebook: 2.9%
🍿 Prime Video: 2.8%
🖥️ Others: 43.9%

— World of Statistics (@stats_feed) March 2, 2023

In addition, global Internet traffic is expected to continue to develop in the near future due to the increasing adoption of 4K and 8K video streaming technology, as well as the increasing number of people working and studying from home.

According to the study, HTTP streaming media traffic and downloads accounted for 3.7 % and 3.0 % of total traffic, while Xbox Live and Facebook shared 2.9% and Prime Video accounted for 2.8 % of total Internet traffic. The other websites and platforms shared 43.9 %.

K. Tovar

Source: Descifrado

(Reference image source: file)

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La entrada Netflix, number one in world traffic in 2022 apareció primero en Bitfinance.

In the most recent publication of the Bank of Spain, regarding the estimates of economic growth in the 2021-2024 period, the entity manages indicators related to the evolution of the Gross Domestic Product, the price of energy, consumption indices and inflation, among others.

According to the Spanish Bank, GDP growth of 4.5 % is expected for the end of 2021 and 5.4 % for 2022. Likewise, in 2023 this indicator would be 3.9 % and by 2024 it would reach 1.8 %.

The BE publication details a comparison of current projections with those registered in September, with a marked “downward revision of GDP growth in 2021 and 2022 (of 1.9 pp and 0.4 pp, respectively).”

Economy of Spain will keep growing

The Spanish Bank referred in its balance sheet to the high rates of variation that consumer prices have shown, as a result of the effects of the pandemic, the sustained increase in the price of the energy sector where the controversial cost of electricity stands out. As well as the increase in the value of other intermediate goods and services in general.

The agency has made it clear that inflationary pressures “would tend to fade over the next year after the gradual easing of changes in the production chains and with the eventual confirmation of the reversal of the increase in energy prices to which the markets are pointing of futures “.

M.Pino

Source: finanzasdigital

La entrada Bank of Spain estimates economic growth of 5.4% in 2022 apareció primero en Bitfinance.

The president of the United States announced This Wednesday a plan to attack the crisis that the Covid-19 pandemic has generated in the distribution and supply chains in the country, in addition to reassuring the population in the face of the statements of a possible shortage that recently hinted, Janet Yellen, secretary of the Treasure.

Biden announced an agreement with the syndicates of the country’s main ports, such as Los Angeles, California, and Long Beach, as well as private sector companies to extend work hours 24 hours a day, seven days a week, without a break.

The president said that they seek to tackle a potential shortage at Christmas, when the population’s consumption increases. For three weeks, the extension of working hours has been applied in the sectors involved, not only in the distribution of food, but also in the importation of parts and pieces, transportation, among others. The measure will also help prevent delivery and distribution problems during the well-known Black Friday.

Given the increase in electronic commerce due to the pandemic, which currently exceeds 40% in the country, failures have emerged in the supply chains to meet consumer demand.

Biden has highlighted the weaknesses of the supply system, which have been aggravated due to the consequences of the health crisis, and which have had an impact on the increase in the prices of goods and services, in addition to having changed consumption patterns worldwide.

Regarding the plan announced by the president of the United States, it was learned that it has the support of chains such as Walmart, as well as courier companies such as UPS and FedEx. It has also received the approval from the Treasury department, the Transportation department and the port authorities.

M.Pino

La entrada The United States launches a plan to face shortages apareció primero en Bitfinance.

The Venezuelan Finance Observatory reported that “economic activity in Venezuela fell 2.2 % in the second quarter of 2021″, registering a total of 25 consecutive quarters in the fall in the economic activity index. However, the reported figure is lower than that recorded in the first quarter, which reached 33.7 %.

The non-governmental organization highlighted that the indicator is made up of different sectors: oil, finance and government, in which the devaluation was evidenced as a consequence of the shortage of “income and inflation”.

According to the organization, one of the most affected sectors is the financial one, due to the banking reserve and the size of the sector. The economic collapse in Venezuela has had a significant and negative impact on “the wages of active workers, retirees and pensioners in the country, which have substantially reduced consumption in their homes.”

It is important to highlight that the NGO recently reported that inflation in the Caribbean country was in the order of 10.6 %, while the interannual was at 1,743 % and that accumulated in the last 8 months of 2021 adds up to 470.3 %.

The devaluation in Venezuela has caused a process of informal dollarization of the country, where citizens carry out almost all their transactions of purchase and sale of services and products with the US dollar.

M. Rodríguez

Source: elnacional.com

La entrada Economic activity in Venezuela fell 2.2 % apareció primero en Bitfinance.

Year-on-year inflation in the leading power in the euro zone rose to 3.9 % in August. This was reported by the German Federal Statistical Office (Destatis). This is the highest number recorded by this nation in the last 28 years. In December 1993, according to historical data, the prices of products and services stood at 4.3 percent.
Destatis pointed out that the figure is supported by provisional data, but in two weeks it will be published in a final report where a detailed breakdown of the different categories that impacted the increase in August.

“The rise has a number of reasons, including the base effect of the low prices in 2020. The temporary lowering of VAT and the fall in fossil fuel prices are particularly affected here,” Destatis said.

As you will recall, Germany applied a 3-point reduction in VAT in the last half of last year as a strategy to boost consumption in the population, after the first wave of the coronavirus, causing an acceleration in prices in 2021 Additionally, the consequences of the introduction of the CO2 tax equivalent to 25 euros per ton, which came into effect on January 1st of this year, must be incorporated.

The increase in the price of energy, which stood at 12.6 % year-on-year in August, can be considered as one of the factors that help explain the rise in inflation. Some analysts estimate that this increase in the cost of living should be a transitory phenomenon. “Monthly inflation for August was 0.1 %.”

In the last eight months, the behavior of inflation has been showing an upward trend. “The consumer price index (CPI) rose 1.0 % in January, 1.3 % in February, 1.7 in March, 2.0 in April, 2, 5 in May, 2.3 in June and 3.8 % in July.”

M. Rodríguez

Source: dw.com

La entrada Germany registers a slight increase in inflation apareció primero en Bitfinance.

Asdrúbal Oliveros released, this August 10, a video on his social networks, explaining the perspectives of the consulting firm Focus Economics on the dynamics of the Venezuelan economy for the last months of 2021 and for the next year 2022.

According to what was expressed by the economist, the firm estimates that by the end of 2021 the economy will register growth in the order of 3.3 % year-on-year. Additionally, he foresees that consumption in private companies will reach only 0.3 %. “With regard to the fiscal deficit, Focus Economics believes that at the end of the year it will be 11.5 points.”

Concerning inflation, the firm estimated that at the end of 2021 it will be around 1,549 %, while the price of the dollar will be located at 14.2 digital bolivars, the one that will come into effect as of October 1st this year, according to what was published by the Central Bank of Venezuela recently, which is equivalent to about 14,200,000 bolivars today.

2022 projections

The polling firm considers that by 2022 the Venezuelan economy will register a growth quite similar to that estimated for the end of this year, reaching 3.3 %. However, it projects significant private consumption, achieving growth of 8.4 % at the end of next year.

It also outlines a slight reduction in the fiscal deficit, placing it at 10.2 points by the end of 2022. While inflation could drop significantly to close at 746 %, but the price of the dollar is projected for December of next year at 132.5 new bolivars, that is to say about 132,500,000 of current bolivars.

M. Rodríguez

Source: bancaynegocios.com

La entrada Focus Economics estimates that inflation will close the year at 1,549 % apareció primero en Bitfinance.