In Latin America, Ecuador maintains the lowest inflation rate in the region. During the month of July, annual inflation stood at 0.72 %, which, according to the National Institute of Statistics and Censuses (INEC), represents a slowdown compared to 1.57 % in the same month in 2024.

According to the local agency, this “represents an annual decrease of 1.32 percentage points.” However, it is important to clarify that “when inflation falls, it is usually interpreted as a sign of stability; the drastic drop in price levels over the last year reflects weak demand and possible economic stagnation.”

Domestically, the Consumer Price Index (CPI) grew only 0.11 percentage points monthly between June and July; a sign of a lack of dynamism in economic activity, reinforced by a drastic drop in prices in “key sectors.”

Service prices continue to rise, as do products in the Basic Family Basket, which comprises 75 items nationwide. In this regard, a comparison is made between the price of the basic basket in July, which was $813.82, and the monthly family salary for the same period, which was $877.33, “which means there is a surplus of $63.51.”

M.Pino

Source: radiopichincha

(Reference image: Kleomenis Spyroglou on Unsplash)

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La entrada Ecuador maintains the lowest inflation rate in Latin America apareció primero en Bitfinance.

US inflation slowed significantly in March, demonstrating the strength and resilience of the economy despite the trade tariffs imposed by President Donald Trump.

Economists have already warned that last Thursday’s CPI report “could very well mark the lowest point in inflation this year, as Trump’s massive and sweeping tariffs disrupt the global order and make imports and, likely, final goods significantly more expensive for consumers.”

In March, prices fell 0.1 % compared to the previous month; The first drop in these indicators since 2020.

“The core CPI, which excludes food and energy, rose just 0.1 % in the month, leaving a rate of 2.8 % for the 12 months ending in March and a sharp slowdown from the 3.1 % recorded in February.”

M.Pino

Source: cnnespanol

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La entrada US inflation slowed in March apareció primero en Bitfinance.

The third estimate published by the Bureau of Economic Analysis of the Department of Commerce on the United States GDP indicates that during the first quarter of the year, it had a growth of 0.4 %.

This reveals that the indicator had a slowdown, taking into account that it is half of the 0.8 % growth of the fourth quarter of 2023. According to the report, the country’s GDP “advanced between January and March 1.4 % compared to 3.4 % in the previous three months. The update of one tenth upwards compared to the second reading is explained by lower imports and greater non-residential fixed investment and public spending than expected.”

The metric was partially offset by lower consumption by the population. While there was an increase in sectors such as consumer spending, residential fixed investment, non-residential fixed investment and spending by state and local administrations.

When comparing this dynamic with the fourth quarter, “the slowdown in real GDP was a consequence of a moderation in consumer spending, exports and spending by state and local administrations, as well as a decline in federal government spending.” CPI data place it at 3.3 % year-on-year in May, one tenth less than in April.

Employment generation versus unemployment rise

Regarding the labor market, 272,000 new jobs were registered in May, while the unemployment rate rose one tenth, reaching 4 %. For its part, “contracting expanded, mainly, in the health, government, leisure and tourism sectors, and professional, scientific and technical services.” There was a slight variation in other sectors, such as mining, oil and gas extraction; “construction, industry, wholesale trade, transportation and storage, information sector, financial activities, and other services.”

M.Pino

Source: forbes.es

(Reference image source: Unsplash+, in collaboration with Katelyn Perry)

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La entrada United States GDP grew 0.4 % in the first quarter of the year apareció primero en Bitfinance.

The World Trade Organization (WTO) announced that global merchandise trade growth in volume this year will be just 0.8 %, which represents less than half of the initial April projection of 1.7 %. This drastic slowdown is attributed to rising geopolitical tensions and inflation.

WTO Director-General Ngozi Okonjo-Iweala expressed concern about this slowdown and its impact on global living standards. In a statement, she warned that “the slowdown in trade expected for 2023 is worrying, as it has unfavorable effects on the standard of living of people around the world.”

According to the organization’s report, this slowdown began in the fourth quarter of 2022 and has led to the downward revision of business projections for this year. However, a more positive outlook remains for 2024, with trade growth forecast at 3.3 %, slightly higher than the 3.2 % previously forecast. Regarding real GDP, stable growth of 2.5 % is expected.

WTO chief economist Ralph Ossa noted that “positive growth in exports and imports should recover in 2024, but we must remain vigilant.”

The slowdown in merchandise trade affects numerous countries and sectors, including iron, steel, office and telecommunications equipment, textiles and clothing.

Despite the challenging outlook for this year, the WTO remains cautiously optimistic for 2024. However, it continues to warn of the potential negative impact of a split of global trade into two geopolitical blocs in the wake of Russia’s invasion of Ukraine. The director general of the WTO urges strengthening the global trading environment and avoid protectionism to avoid a “fragmentation of the global economy.”

K. Tovar

Source: Bancaynegocios

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La entrada World Merchandise Trade has grown less than expected apareció primero en Bitfinance.

The G20 Gross Domestic Product (GDP) experienced a slowdown in the second quarter, registering growth of 0.7 %, three tenths less than in the previous quarter. China played a significant role in this phenomenon, although most of the world’s top 20 economies also experienced less favorable performance.

The Organization for Economic Cooperation and Development (OECD) published this aggregate data today, emphasizing the impact of China’s slowdown on the G20 as a whole. Chinese GDP went from 2.2 % growth between January and March to 0.8 % between April and June.

In addition to China, other large emerging markets such as Brazil (0.9 % instead of 1.8 %) and India (1.9 % instead of 2.1 %) also saw lower growth in the second quarter compared to first.

Among the G20 member countries with more developed economies, a slowdown was observed in Canada (0.6% in the first quarter compared to 0 % in the second), a contraction in Italy (0.6% GDP expansion between January and March to a contraction of 0.4 % between April and June) and stagnation in Germany (decrease of 0.1 %).

However, the case of Turkey within the G20 stands out, where there was a significant improvement in its economic performance. After a 0.1 % drop in the first quarter, the Turkish economy saw an impressive 3.5 % jump in the second quarter, driven mainly by private consumption.

K. Tovar

Source: Bancaynegocios

(Referential image source: Bagus Hernawan, Unsplash)

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La entrada G20 GDP had a slowdown in growth during the second quarter of the year apareció primero en Bitfinance.

The Colombian Government has released its calculations regarding the expected increase in the country’s Gross Domestic Product (GDP) for this year, setting the estimates between 1.8% and 2%, as reported by Europa Press on August 17, 2023.

These data arise amid a period of economic slowdown, previously anticipated by institutions such as the Colombian Central Bank. According to the provided figures, the GDP for the second semester has experienced only a modest increase of 0.3% annually.

The Colombian Minister of Finance and Public Credit, Ricardo Bonilla, has mentioned the possibility of an “economic recovery scenario” in the second semester, pointing to the gradual reduction of inflation as one of the key factors.

Bonilla has also announced that the inflation target for the year-end is 9.2% year-on-year. However, the July data, according to the National Administrative Department of Statistics (DANE), indicates that the price index has remained at 11.78%, exceeding the established target.

The Colombian Government’s projections are supported by various international organizations. The World Bank forecasts a growth of 1.7%, while the Economic Commission for Latin America and the Caribbean (ECLAC) takes a more cautious perspective, with an estimated increase of 1.2%.

In response to the threat of economic deceleration, Minister Bonilla has directly urged the country’s central bank to lower interest rates, which currently stand at 13.25%.

As of now, the Bank of the Republic, under the leadership of Leonardo Villar, has not set a date to implement the first cut in interest rates. Although it’s recognized that the fight against inflation is not over, the minutes from the last meeting indicated that the bank would prefer to “maintain the current restrictive stance” in monetary policy until observing solid signals of inflation convergence towards the established target.

K. Tovar

Source: Cointelegraph

(Reference image source: Flavia Carpio, Unsplash)

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La entrada Colombia forecasts economic growth and inflationary challenges apareció primero en Bitfinance.

The consumer price index (CPI) in Germany stood at 10 % in November, which represents a slowdown of four tenths compared to the year-on-year increase registered in October and the same figure as in September, according to the data advance and provisional published this Tuesday by Destatis, the German statistical office.

The data of 10.4 % of the previous month had been a record high for the country since there are records of reunified Germany.

The prices of goods have registered an increase during the month of November of 17.2 % compared to the penultimate month of 2021. This rise is six tenths lower than that of October and the same data as that observed in September.

This increase is the result of a 38.4 % growth in energy prices (compared to 43 % in October). On its side, food has become more expensive by 21 %, seven tenths more than in October.

The prices of services in the country have registered an interannual increase of 3.7 % in November, three tenths less than in the previous month.

In monthly terms, prices in Germany contracted by 0.5 % in the month of November, which compares with a rise of nine tenths in the tenth month of October.

According to harmonized data, year-on-year inflation was 11.3 % in November. This represents a slowdown of three tenths compared to the previous month. On its side, the monthly data registers flat growth, after having risen 1.1 % in October.

This Tuesday the advance data for the month of November for inflation in Spain was also known, which stood at 6.8 % in the interannual rate, compared to 7.3 % in October. On his side, the harmonized data has been 6.6 %, seven tenths less.

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Source: dpa

La entrada German inflation slows to 10 % in November apareció primero en Bitfinance.

According to the most recent Economic Outlook report of the International Monetary Fund (IMF), Venezuela will show the second-highest economic growth in Latin America in 2022 and the best performance in the region in 2023.

For the multilateral organization, the Venezuelan economy will grow 6 % this year, only surpassed by Colombia in Latin America where the GDP would register an expansion of 7.3 % this year; however, the average expansion of 12.4 % in the Caribbean is the most impressive performance on the continent.

In relative terms, the Venezuelan economy will exceed the increases in the GDP of the United States, which will be only 1.6 %; Mexico (2.1 %); Brazil (2.8 %); Argentina (4 %) and Chile (2 %); however, it must be remembered that, in absolute terms, the Venezuelan economy remains one of the smallest in the region, after a prolonged 7-year recession with hyperinflation for more than 4 years.

However, Venezuela continues to be the country with the highest variation in inflation on the continent, with an increase of 210 % in 2022.

El FMI estima que la inflación en Venezuela seguirá siendo alta, pero ahora ubica su estimación en 220% para 2022, desde el 500% que calculaba en abril. Además, espera que siga bajando y proyecta 150% para 2023. https://t.co/dD2ZoLSGWH pic.twitter.com/RfOtUE9jOg

— Economía Hoy (@economiahoyve) October 12, 2022

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With information from El Sumario

La entrada IMF: Venezuelan economy will be saved from the slowdown apareció primero en Bitfinance.

The International Monetary Fund has published its report on global economic growth, in which it forecasts a slowdown of 3.2 % for the rest of 2022.

Among the reasons for this trend, the agency points out: “Several shocks have affected a world economy already weakened by the pandemic: higher-than-expected inflation around the world, especially in the United States and the main European economies, which has triggered tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting Covid-19 outbreaks and lockdowns; and other negative side effects of the war in Ukraine.”

Consequently, the forecast is for a slowdown of 0.4 percentage point less than in the April 2022 World Economic Outlook.

One of the determining factors in this scenario is global inflation, with an increase driven by high food and energy prices after the start of the conflict between Russia and Ukraine.

“(Inflation) is forecast to reach 6.6% in advanced economies and 9.5% in emerging market and developing economies this year; upward revisions of 0.9 and 0.8 percentage points, respectively. In 2023, disinflationary monetary policy is expected to take effect, with global output growing by just 2.9 %.”

M.Pino

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Source: finanzasdigital

La entrada IMF forecasts slowdown in world economic growth of 3.2 % apareció primero en Bitfinance.

Global ATM installations fell steadily so far in 2022, registering the lowest number in May with 205 new equipment, which is equivalent to a drop of around 89.75% in the month, a figure that was not seen since 2019. However, so far in June there has been a slight recovery.

One of the factors that impacted the slowdown in ATM installations globally highlights “China’s imposition of a blanket on cryptocurrency trading and mining.”

According to the Coin ATM Radar measurement scale, which is based on the data collected in the last two months, the daily average of ATM installations in the world is equivalent to 23 pieces of equipment and there are currently “38,000 operating ATMs installed.” across the globe.

These equipments fulfill a “crucial” function for the economy of the cryptographic system because it facilitates the exchange of fiduciary currencies to digital currencies and vice versa for both users and investors.

 2021 year of maximum growth for ATMs

Since 2020, cryptocurrency ATM installations have registered a constant growth driven by a favorable regulatory context and an expansion of the cryptographic market worldwide, where different cryptocurrencies reached their historical superlative value.

Cryptocurrency ATM installations peaked in 2021, with 1,971 ATMs installed in December of that year alone. The United States is the country with 33,403 ATMs installed, which is equivalent to 87.9% of the total network of cryptocurrency ATMs.

The leading manufacturers in the market are: Genesis Coin with 40.9% of the market share, followed by General Bytes with 21.6%. The third place is occupied by BitAccess with 16.1% of the market, followed by Coinsource with 5.4% and Bitstop with 4.8%, closing the first five places in the market.

A highly important variable that drove the growth of cryptocurrency ATM installations was El Salvador’s decision to assume bitcoin as its legal tender in its territory.

M. Rodríguez

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Source: cryptocity.press

La entrada Cryptocurrency ATM Installation Down 90% apareció primero en Bitfinance.