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24
Sep
2015

It has been estimated that annual shadow economy tax losses in Europe amount to €454bn or 8.6% of tax revenues — ranging from 31% in Bulgaria to 4.4% in Austria. Earlier this month Pierre Moscovici, European commissioner for Economic and Financial Affairs, Taxation and Customs, urged EU member states to tighten up VAT collection after new figures in a study showed €168bn was lost in 2013.

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23
Sep
2015

Flash PMI survey data pointed to steady growth of the Euro Area economy at the end of the third quarter. Moreover, faster growth of new work and backlogs of orders point to continued expansion in coming months. Selling prices were meanwhile stable despite sharply reduced commodity prices. France continued to lag the upturn, but saw growth pick up from the near-stagnation seen in August. Growth slowed in Germany and in the rest of the region.

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23
Sep
2015

EU interior ministers on Tuesday imposed a quota plan to relocate 120,000 refugees across the Union, in a rare imposition of majority voting to force a decision that is opposed by four eastern European countries. Also on Tuesday the Organisation for Economic Cooperation and Development (OECD) published reports on migration and the current crisis.

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21
Sep
2015

Almost 29% of the people who filed an asylum application in Germany in the first half of 2015 were children and juveniles under 18 years and almost 51% belonged to the age group of the 18 to 34 year olds. This means that approximately 80% of all asylum seekers in Germany were under the age of 35. In comparison, people under 35 accounted for roughly 36% of the total population of Germany in 2013.

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18
Sep
2015

Prices & Earnings 2015: UBS, the Swiss bank, on Thursday released the 16th edition of the triennial UBS Prices and Earnings study (microsite), which examines prices, wages and earners' purchasing power in 71 cities worldwide. While Zurich is the most expensive city, workers in the city can buy an iPhone 6 after 21 hours of work; in Kiev, capital of Ukraine, it takes 30 times longer.

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16
Sep
2015

Angela Merkel, German chancellor, and Werner Faymann, her Austrian counterpart, on Tuesday called for an emergency EU summit on the refugee crisis, while the EU also scheduled a ministerial meeting next week to seek to agree a quota system for sharing out 120,000 refugees following the failure on Monday to agree on burden sharing of the tens of thousands of refugees that have mainly fled the civil war in Syria and are seeking refuge in Europe.

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15
Sep
2015

Average real (inflation-adjusted) pay may return in 2007 levels in 2017 if inflation remains low according to a report that was published last weekend. The Resolution Foundation (RF), the UK think-tank, has today followed up with a report on the National Living Wage (NLW), which was proposed by George Osborne, the chancellor, in a budget last July — one in four workers will get a pay rise from the new national living wage according to the research. The impact will be greatest in hospitality, retail and support services.

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10
Sep
2015

Attention is turning in Germany to providing jobs for the hundreds of thousands of refugees who are expected to arrive in the country in coming years. Reuters reports that a record 104,460 asylum seekers arrived in Germany last month, part of an unprecedented wave of refugees and migrants straining the resources of German towns and villages. Germany, with relatively liberal asylum laws and generous benefits, is the EU's biggest recipient of people fleeing war in the Middle East and economic migrants from southeastern Europe.

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9
Sep
2015

The 2015 edition of the Eurostat publication "The EU in the world" compares the European Union (EU) with the 15 non-EU G-20 (group of twenty; there is a total of 19 countries) across thirteen statistical fields using a range of European and international statistics. The G-20 comprises the world's major advanced and emerging economies. It includes the EU, four EU member states (Germany, France, Italy and the United Kingdom) and 15 countries from the rest of the world (Argentina, Australia, Brazil, Canada, China, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States). Together the members of the G-20 cover over 61% of the world's land area, are home to 64% of the world population and generated 85% of the global GDP in 2013.

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9
Sep
2015

Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue to point to stable growth momentum in the OECD Area as a whole. Growth in the US and UK is expected to moderate while indicators suggest it's deteriorating in China. Separately, Eurostat revised Euro Area growth up in both the first and second quarters.

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