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| GDP: US, France, Sweden and Spain all grow faster than Britain in last quarter – as it happened | |
| (35 minutes later) | |
| 5.29pm BST | |
| 17:29 | |
| GDP: UK is being left behind..... | |
| After a flurry of growth reports today, it’s becoming clear that Britain’s economy has underperformed its rivals in the last quarter. | |
| Two days ago, we learned that the UK expanded by merely 0.3% in April-June, following a modest expansion of 0.2% in January-March. | |
| Today’s data has shown that other advanced countries did rather better. Namely: | |
| France: Grew by 0.5% in Q1 and Q2 | |
| US: Grew by over 0.6% in Q2, and 0.3% in Q1 | |
| Spain: Grew by 0.9% in Q2, and 0.8% in Q1 | |
| Sweden: Grew by a rollicking 1.7% in Q2, and 0.6% in Q1 | |
| Ireland is likely to also post impressive GDP figures, following the growth upgrades from its central bank today (details here). | |
| Many of today’s GDP reports showed that trade made a positive contribution to growth in the last quarter; that’s a good sign for the global economy. | |
| Britain, though, is being held back by rising inflation and concerns over Brexit. | |
| Markus Kuger, senior economist at business services firm Dun & Bradstreet, says Britain is lagging behind other leading economies. | |
| While growth in Q2 has recovered somewhat from its anaemic performance in the first three months of the year, there is still a high level of political and economic uncertainty. Based on our data and analysis, we are maintaining our ‘deteriorating’ risk outlook for the UK until there is more clarity on how Brexit and the fallout from the general election will impact businesses operating in the UK market. | |
| “Our advice to businesses is to continue to monitor economic indicators and how Brexit negotiations develop over the coming months. Furthermore, we are maintaining our baseline scenario of a gradually slowing economy over the next two years. Leaving the EU will undoubtedly pose challenges, especially for companies whose supply chains involve sourcing from or selling to the continent. Although the weak pound is currently providing support for some sectors, such as manufacturing and tourism, it is far from certain that this stimulus will be enough to counterbalance the adverse Brexit effects over the medium to long term.” | |
| Sky News’s political editor, Faisal Islam, reckons this slowdown is forcing the UK government to adjust its Brexit strategy: | |
| Treasury winning argument in Cabinet on a 2-3 year "off the shelf" transition till 2022... or at least asking for that in negotiations... | |
| .. 2017 growth numbers (H1) so far: Austria: 1.5%, Spain: 1.7%, Sweden: 2.1%, France: 1.0%.Germany estimated at 1.2%+UK: 0.5% | |
| ...correct to say 1 quarterly number could be blip (eg UK Q1 -0.2) unarguable now after 2, EU27 nations much stronger growth than UK in 2017 | |
| ... clearly UK growth is better relatively than dire Treasury referendum projection, but is notably worse relative to last year & Europe | |
| And on that note, it’s time to stop for the day. Thanks for reading and commenting, and I hope you have a great weekend. GW | |
| 5.00pm BST | 5.00pm BST |
| 17:00 | 17:00 |
| European stock markets have closed in the red tonight. | European stock markets have closed in the red tonight. |
| The FTSE 100 shed 74 points, or 1%, partly due to the slump in tobacco shares. | The FTSE 100 shed 74 points, or 1%, partly due to the slump in tobacco shares. |
| The French and German markets also suffered losses, amid worries that the strong euro will hurt profits. | The French and German markets also suffered losses, amid worries that the strong euro will hurt profits. |
| David Madden of CMC Markets says: | David Madden of CMC Markets says: |
| Investors in the UK market have a high threshold for being impressed by company earnings, but they are quick to punish you if the result doesn’t measure up. It is almost like dealers are looking for excuses not to go long the FTSE 100. | Investors in the UK market have a high threshold for being impressed by company earnings, but they are quick to punish you if the result doesn’t measure up. It is almost like dealers are looking for excuses not to go long the FTSE 100. |
| Stock markets in Continental Europe have been losing ground since between May and June, and indices like the DAX and CAC 40 can’t seem to shake off the bearish sentiment surrounding them. The strength of the euro is hindering eurozone equity benchmarks, and the market chatter that the European Central Bank will rein in their very aggressive bond buying scheme is also adding to their problems. | Stock markets in Continental Europe have been losing ground since between May and June, and indices like the DAX and CAC 40 can’t seem to shake off the bearish sentiment surrounding them. The strength of the euro is hindering eurozone equity benchmarks, and the market chatter that the European Central Bank will rein in their very aggressive bond buying scheme is also adding to their problems. |
| Wall Street is also down, hit by the healthcare vote debacle - and not helped by reports that North Korea has fired a missile which landed in Japanese waters. | Wall Street is also down, hit by the healthcare vote debacle - and not helped by reports that North Korea has fired a missile which landed in Japanese waters. |
| 4.00pm BST | 4.00pm BST |
| 16:00 | 16:00 |
| Looking back at GDP, Canada has blown past expectations by reporting 0.6% growth in May alone. | Looking back at GDP, Canada has blown past expectations by reporting 0.6% growth in May alone. |
| That suggests its growth during the second quarter will be strong. | That suggests its growth during the second quarter will be strong. |
| Canada's GDP expanded by 4.6% in the year up to May, strongest pace since 2000 - https://t.co/PE3HWW4S7O pic.twitter.com/NKUbf1cBRF | Canada's GDP expanded by 4.6% in the year up to May, strongest pace since 2000 - https://t.co/PE3HWW4S7O pic.twitter.com/NKUbf1cBRF |
| 3.44pm BST | 3.44pm BST |
| 15:44 | 15:44 |
| Tobacco shares plunge as FDA tries to make smoking non-addictive | Tobacco shares plunge as FDA tries to make smoking non-addictive |
| Back in the markets, shares into tobacco companies are tumbling after US authorities announced a new clampdown on the industry. | Back in the markets, shares into tobacco companies are tumbling after US authorities announced a new clampdown on the industry. |
| The Food and Drug Administration is planning to curb the number of deaths caused by tobacco. One of the ideas is to cut the amount of nicotine in combustible cigarettes to “non-addictive levels”. | The Food and Drug Administration is planning to curb the number of deaths caused by tobacco. One of the ideas is to cut the amount of nicotine in combustible cigarettes to “non-addictive levels”. |
| The FDA’s goal is to save millions of lives, says FDA Commissioner Scott Gottlieb: | The FDA’s goal is to save millions of lives, says FDA Commissioner Scott Gottlieb: |
| “The overwhelming amount of death and disease attributable to tobacco is caused by addiction to cigarettes – the only legal consumer product that, when used as intended, will kill half of all long-term users. | “The overwhelming amount of death and disease attributable to tobacco is caused by addiction to cigarettes – the only legal consumer product that, when used as intended, will kill half of all long-term users. |
| “Unless we change course, 5.6 million young people alive today will die prematurely later in life from tobacco use.” | “Unless we change course, 5.6 million young people alive today will die prematurely later in life from tobacco use.” |
| City investors reacted swiftly to the plan, driving British American Tobacco’s shares down by over 10% (it makes Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans). | City investors reacted swiftly to the plan, driving British American Tobacco’s shares down by over 10% (it makes Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans). |
| Other major tobacco firms, including Imperial Brands and Philip Morris, are also sliding -- a sign that the FDA’s plan could have a profound effect on their businesses. | Other major tobacco firms, including Imperial Brands and Philip Morris, are also sliding -- a sign that the FDA’s plan could have a profound effect on their businesses. |
| BREAKING: Tobacco stocks dive after FDA says it will seek to cut nicotine in cigarettes to non-addictive levels https://t.co/ilIPj9mQiB pic.twitter.com/YeeDNe7O6O | BREAKING: Tobacco stocks dive after FDA says it will seek to cut nicotine in cigarettes to non-addictive levels https://t.co/ilIPj9mQiB pic.twitter.com/YeeDNe7O6O |
| 3.37pm BST | 3.37pm BST |
| 15:37 | 15:37 |
| Helena Smith | Helena Smith |
| Back in Greece, Hollywood A-listers are giving the economy’s tourist sector a boost. | Back in Greece, Hollywood A-listers are giving the economy’s tourist sector a boost. |
| A steady stream of celebrities are cropping up among the record 30 million choosing the country for holidays this summer. | A steady stream of celebrities are cropping up among the record 30 million choosing the country for holidays this summer. |
| After Australian star Hugh Jakeman spending time on the Cycladic isle of Antiparos (where Tom Hanks regularly summers and has a home), Angelina Jolie and Keanu Reeves have followed suite holidaying this week on the Ionian island of Paxos. | After Australian star Hugh Jakeman spending time on the Cycladic isle of Antiparos (where Tom Hanks regularly summers and has a home), Angelina Jolie and Keanu Reeves have followed suite holidaying this week on the Ionian island of Paxos. |
| Jolie had promised to return to Greece when in her role as ambassador of the UN refugee agency she met prime minister Alexis Tsipras in Athens last year. | Jolie had promised to return to Greece when in her role as ambassador of the UN refugee agency she met prime minister Alexis Tsipras in Athens last year. |
| The record number of tourists are expected to help the debt-stricken country’s growth prospects following its return to markets on Monday. | The record number of tourists are expected to help the debt-stricken country’s growth prospects following its return to markets on Monday. |
| But .....with visitor numbers growing the economic crime police have also been swooping on islands in a bid to crack down on tax evasion by stores and restaurants. | But .....with visitor numbers growing the economic crime police have also been swooping on islands in a bid to crack down on tax evasion by stores and restaurants. |
| Greece’s independent public revenues body has announced it will undertake an urgent audit of a sample 2.500 hotels country-wide amid widespread speculation that, at the height of the tourist season, they are not declaring all overnight stays. Auditors have been ordered to cross-check declared income with tax remittances filed to the state. | Greece’s independent public revenues body has announced it will undertake an urgent audit of a sample 2.500 hotels country-wide amid widespread speculation that, at the height of the tourist season, they are not declaring all overnight stays. Auditors have been ordered to cross-check declared income with tax remittances filed to the state. |
| Restaurants are also thought to be in the firing line as the leftist-led government seeks to crack down on big time tax evaders. | Restaurants are also thought to be in the firing line as the leftist-led government seeks to crack down on big time tax evaders. |
| Well-known eateries on popular isles such as Mykonos and Paros are said to earn as much as one million euros a month which they fail to declare. At least some of the revenue, from catering for weddings and other socialite events, is never seen in Greece as it is deposited straight into UK bank accounts.... | Well-known eateries on popular isles such as Mykonos and Paros are said to earn as much as one million euros a month which they fail to declare. At least some of the revenue, from catering for weddings and other socialite events, is never seen in Greece as it is deposited straight into UK bank accounts.... |
| 3.17pm BST | 3.17pm BST |
| 15:17 | 15:17 |
| Oxford Economic’s Gregory Daco has tweeted some useful charts, showing how America’s growth rate picked up in the last quarter.... | Oxford Economic’s Gregory Daco has tweeted some useful charts, showing how America’s growth rate picked up in the last quarter.... |
| US #GDP +2.6% Q2: Consumer spend +2.8% & biz invest +5.2%. Inventories +0pp & trade +0.2pp. Solid & compensates weakQ1. Still 2% growth mode pic.twitter.com/zytU1uiQGW | US #GDP +2.6% Q2: Consumer spend +2.8% & biz invest +5.2%. Inventories +0pp & trade +0.2pp. Solid & compensates weakQ1. Still 2% growth mode pic.twitter.com/zytU1uiQGW |
| ...and how consumer spending and exports helped drive the recovery. | ...and how consumer spending and exports helped drive the recovery. |
| Composition of US #GDP +2.6% saar Q2 & +2.1% YoY: better consumer spending momentum, stronger global backdrop helps biz invest & trade pic.twitter.com/2wPR5G4GZa | Composition of US #GDP +2.6% saar Q2 & +2.1% YoY: better consumer spending momentum, stronger global backdrop helps biz invest & trade pic.twitter.com/2wPR5G4GZa |
| 3.14pm BST | 3.14pm BST |
| 15:14 | 15:14 |
| Associated Press have a good take on today’s US growth report. | Associated Press have a good take on today’s US growth report. |
| Here’s a flavour: | Here’s a flavour: |
| The U.S. economy revved up this spring after a weak start to the year, fuelled by a surge in consumer spending. But the growth spurt still fell short of the optimistic goals President Donald Trump hopes to achieve through tax cuts and regulatory relief. | The U.S. economy revved up this spring after a weak start to the year, fuelled by a surge in consumer spending. But the growth spurt still fell short of the optimistic goals President Donald Trump hopes to achieve through tax cuts and regulatory relief. |
| The Commerce Department said Friday that growth in the gross domestic product, the economy’s total output of goods and services, expanded at a 2.6 percent annual rate in the April-June quarter. That’s more than double the revised 1.2 percent pace in the first quarter. | The Commerce Department said Friday that growth in the gross domestic product, the economy’s total output of goods and services, expanded at a 2.6 percent annual rate in the April-June quarter. That’s more than double the revised 1.2 percent pace in the first quarter. |
| The improvement was powered in large part by robust consumer appetite for items such as clothing and furniture. | The improvement was powered in large part by robust consumer appetite for items such as clothing and furniture. |
| The 2.6% GDP gain came in close to economists’ expectations. | The 2.6% GDP gain came in close to economists’ expectations. |
| “Consumers continue to drive the economy’s growth, but firmer business investment is also a plus,” said Mark Zandi, chief economist at Moody’s Analytics. “Weaker housing construction was the only significant drag on growth in the quarter.” | “Consumers continue to drive the economy’s growth, but firmer business investment is also a plus,” said Mark Zandi, chief economist at Moody’s Analytics. “Weaker housing construction was the only significant drag on growth in the quarter.” |
| Trump campaigned on a pledge to boost growth to rates of 4% or better. So far, his economic program has not advanced in Congress. | Trump campaigned on a pledge to boost growth to rates of 4% or better. So far, his economic program has not advanced in Congress. |
| More here: | More here: |
| US economy expanded at 2.6 percent rate in April-June period, fueled by strong consumer spending. https://t.co/uV7HiWRKvG | US economy expanded at 2.6 percent rate in April-June period, fueled by strong consumer spending. https://t.co/uV7HiWRKvG |
| 3.03pm BST | 3.03pm BST |
| 15:03 | 15:03 |
| Another detail from today’s growth report: | Another detail from today’s growth report: |
| Median quarterly GDP during Obama upgraded to 2.1% #ThanksObama | Median quarterly GDP during Obama upgraded to 2.1% #ThanksObama |
| 2.31pm BST | 2.31pm BST |
| 14:31 | 14:31 |
| Despite accelerating in the last quarter, America’s economy isn’t (yet) achieving the growth rates targeted by Donald Trump. | Despite accelerating in the last quarter, America’s economy isn’t (yet) achieving the growth rates targeted by Donald Trump. |
| Nancy Curtin, chief investment officer at Close Brothers Asset Management, explains: | Nancy Curtin, chief investment officer at Close Brothers Asset Management, explains: |
| “The US economy has improved following a slow start to the year, in spite of a lack of fiscal stimulus so far from Trump’s presidency. A strong performance in export and industrial sectors has been buoyed by weaker dollar, and we’ve seen a steady increase in earnings too. We’re still some way from the President’s 3%+ growth target, but the good news is this wasn’t priced in by the market, so any additional tax relief or infrastructure spending could support markets into year end. | “The US economy has improved following a slow start to the year, in spite of a lack of fiscal stimulus so far from Trump’s presidency. A strong performance in export and industrial sectors has been buoyed by weaker dollar, and we’ve seen a steady increase in earnings too. We’re still some way from the President’s 3%+ growth target, but the good news is this wasn’t priced in by the market, so any additional tax relief or infrastructure spending could support markets into year end. |
| “Despite improving growth, wage inflation remains somewhat elusive, but the labour market remains reasonably strong, and we anticipate the Fed will proceed as planned with its slow and steady programme of interest rate normalisation.” | “Despite improving growth, wage inflation remains somewhat elusive, but the labour market remains reasonably strong, and we anticipate the Fed will proceed as planned with its slow and steady programme of interest rate normalisation.” |
| John Ross of the Renmin University of China shows how growth is close to its long-term average: | John Ross of the Renmin University of China shows how growth is close to its long-term average: |
| US GDP year on year growth slight increase in Q2 to 2.1% from 2.0% in Q1. Reflects recovery from very low growth in 2016. pic.twitter.com/c6zBCdpQB8 | US GDP year on year growth slight increase in Q2 to 2.1% from 2.0% in Q1. Reflects recovery from very low growth in 2016. pic.twitter.com/c6zBCdpQB8 |
| 2.08pm BST | 2.08pm BST |
| 14:08 | 14:08 |
| Andrew Hunter of Capital Economics says America’s economy is benefitting from consumer spending and business investment: | Andrew Hunter of Capital Economics says America’s economy is benefitting from consumer spending and business investment: |
| The 2.6% annualised gain in real GDP in the second quarter was driven by a rebound in real consumption growth, and suggests that GDP is still on track for growth of around 2.2% for 2017 as a whole. This should convince the Fed that, despite the recent weakness of core inflation, the real economy remains in good shape. | The 2.6% annualised gain in real GDP in the second quarter was driven by a rebound in real consumption growth, and suggests that GDP is still on track for growth of around 2.2% for 2017 as a whole. This should convince the Fed that, despite the recent weakness of core inflation, the real economy remains in good shape. |
| Real consumption increased by 2.8% annualised, up from 1.9% in the first quarter. Furthermore, business investment posted a healthy 5.2% annualised gain, although residential investment declined by nearly 7%. The weakness in the latter is unlikely to last. Meanwhile, after subtracting a massive 1.5% points from growth in the first quarter, inventories were a negligible drag in the second. | Real consumption increased by 2.8% annualised, up from 1.9% in the first quarter. Furthermore, business investment posted a healthy 5.2% annualised gain, although residential investment declined by nearly 7%. The weakness in the latter is unlikely to last. Meanwhile, after subtracting a massive 1.5% points from growth in the first quarter, inventories were a negligible drag in the second. |
| The annual revisions didn’t change much, with growth in the previous two quarters revised down slightly, and growth for 2016 as a whole nudged down to 1.5%, from 1.6%. | The annual revisions didn’t change much, with growth in the previous two quarters revised down slightly, and growth for 2016 as a whole nudged down to 1.5%, from 1.6%. |
| 1.55pm BST | 1.55pm BST |
| 13:55 | 13:55 |
| US GDP: Instant reaction | US GDP: Instant reaction |
| Heather Long of the Washington Post says the acceleration in US growth in the last quarter isn’t exceptional. | Heather Long of the Washington Post says the acceleration in US growth in the last quarter isn’t exceptional. |
| She points out that America’s economy usually accelerates in April-June.... | She points out that America’s economy usually accelerates in April-June.... |
| The US economy is still chugging along: 2.6% growth in Q2. Keep in mind: Q2 GDP is often a big rebound from Q1 pic.twitter.com/QCHAnvtAlL | The US economy is still chugging along: 2.6% growth in Q2. Keep in mind: Q2 GDP is often a big rebound from Q1 pic.twitter.com/QCHAnvtAlL |
| Yes, economy grew more in Q2. That's typical. No sign of "Trump bump" yet in GDP.Q2 2017: 2.6%Q2 2016: 2.2%Q2 2015: 2.7%Q2 2014: 4.6% | Yes, economy grew more in Q2. That's typical. No sign of "Trump bump" yet in GDP.Q2 2017: 2.6%Q2 2016: 2.2%Q2 2015: 2.7%Q2 2014: 4.6% |
| Jason Furman, one of President Obama’s economy advisors, says the economy has grown at its trend level this year. | Jason Furman, one of President Obama’s economy advisors, says the economy has grown at its trend level this year. |
| GDP growth of 2.6% in Q2 means the first half continues trend potential ~2%. PDFP tells the same story at 2.7% in Q2. | GDP growth of 2.6% in Q2 means the first half continues trend potential ~2%. PDFP tells the same story at 2.7% in Q2. |
| Patrick Chovanec of Silvercrest Asset Management is encouraged the businesses kept investing. | Patrick Chovanec of Silvercrest Asset Management is encouraged the businesses kept investing. |
| Q1's +7.2% surge in fixed business investment moderated to a still-respectable +5.2% in Q2, adding +0.6 points to GDP growth. | Q1's +7.2% surge in fixed business investment moderated to a still-respectable +5.2% in Q2, adding +0.6 points to GDP growth. |
| Updated | Updated |
| at 1.56pm BST | at 1.56pm BST |
| 1.46pm BST | 1.46pm BST |
| 13:46 | 13:46 |
| US companies helped the American economy grow in the last quarter, according to today’s GDP report. | US companies helped the American economy grow in the last quarter, according to today’s GDP report. |
| Business spending on equipment rose by 8.2% in the last three months, the fastest since the third quarter of 2015. | Business spending on equipment rose by 8.2% in the last three months, the fastest since the third quarter of 2015. |
| Spending on mining exploration, wells and shafts more than doubled, while investment on nonresidential structures increased at a 4.9% pace. | Spending on mining exploration, wells and shafts more than doubled, while investment on nonresidential structures increased at a 4.9% pace. |
| Trade added 0.18 percentage point to growth, but investment on homebuilding shrank by 6.8%. | Trade added 0.18 percentage point to growth, but investment on homebuilding shrank by 6.8%. |
| 1.36pm BST | 1.36pm BST |
| 13:36 | 13:36 |
| US growth rate hits 2.6% for Q2 | US growth rate hits 2.6% for Q2 |
| Breaking: The US economy grew at an annualised rate of 2.6% in the second quarter of 2017, more than twice as fast as in Q1. | Breaking: The US economy grew at an annualised rate of 2.6% in the second quarter of 2017, more than twice as fast as in Q1. |
| That’s the equivalent of 0.65% quarter-on-quarter growth; double Britain’s 0.3% growth rate,and quicker than France’s 0.5% growth too. | That’s the equivalent of 0.65% quarter-on-quarter growth; double Britain’s 0.3% growth rate,and quicker than France’s 0.5% growth too. |
| American GDP was driven by consumer spending, which grew by 2.8%. | American GDP was driven by consumer spending, which grew by 2.8%. |
| Net trade also contributed to growth, with exports up 4.1% and imports up only 2.1%. | Net trade also contributed to growth, with exports up 4.1% and imports up only 2.1%. |
| This is a significant acceleration compared to the first quarter, where growth has been revised down to 1.2% annualised growth (or 0.3% quarter-on-quarter). | This is a significant acceleration compared to the first quarter, where growth has been revised down to 1.2% annualised growth (or 0.3% quarter-on-quarter). |
| But it’s very slightly below the consensus forecast, of 2.7% annualise growth. | But it’s very slightly below the consensus forecast, of 2.7% annualise growth. |
| Here are some highlights of Q2 GDP https://t.co/BxyP42QYoi pic.twitter.com/jN0jNpQ9S9 | Here are some highlights of Q2 GDP https://t.co/BxyP42QYoi pic.twitter.com/jN0jNpQ9S9 |
| More to follow.... | More to follow.... |
| 1.19pm BST | 1.19pm BST |
| 13:19 | 13:19 |
| It’s nearly time for the biggest event of the day - the first estimate of US GDP in the second quarter of the year. | It’s nearly time for the biggest event of the day - the first estimate of US GDP in the second quarter of the year. |
| Wall Street’s finest minds agree that the growth rate probably rebounded after slowing in Q1, although they don’t agree by how much.... | Wall Street’s finest minds agree that the growth rate probably rebounded after slowing in Q1, although they don’t agree by how much.... |
| Countdown to Q2 US GDP:Consensus: 2.6%Atlanta Fed: 2.8%NY Fed: 2.0%Goldman Sachs: 2.2%JPM: 3.5%Barclays: 2.7%Citi 2.9% | Countdown to Q2 US GDP:Consensus: 2.6%Atlanta Fed: 2.8%NY Fed: 2.0%Goldman Sachs: 2.2%JPM: 3.5%Barclays: 2.7%Citi 2.9% |
| These figures are all annualised, so divide by four to get the true quarterly growth rate.... | These figures are all annualised, so divide by four to get the true quarterly growth rate.... |
| The figures land at 1.30pm BST, or 8.30am in Washington.... | The figures land at 1.30pm BST, or 8.30am in Washington.... |
| 1.06pm BST | 1.06pm BST |
| 13:06 | 13:06 |
| The Economist Intelligence Unit have hailed Sweden’s eye-catchingly fast growth: | The Economist Intelligence Unit have hailed Sweden’s eye-catchingly fast growth: |
| Spectacular Q2 GDP in #Sweden. Even if economy stagnates in Jul-Dec, full-yr growth will now be ~3%. We'll be bumping up our f'cast of 2.3%. pic.twitter.com/9bnkEFAeCV | Spectacular Q2 GDP in #Sweden. Even if economy stagnates in Jul-Dec, full-yr growth will now be ~3%. We'll be bumping up our f'cast of 2.3%. pic.twitter.com/9bnkEFAeCV |
| 12.38pm BST | 12.38pm BST |
| 12:38 | 12:38 |
| Greek PM: Growth is like getting our sovereignty back | Greek PM: Growth is like getting our sovereignty back |
| Helena Smith | Helena Smith |
| Economic issues are also on the agenda in Greece today, where prime minister Alexis Tsipras has been hailing its return to growth earlier this year. | Economic issues are also on the agenda in Greece today, where prime minister Alexis Tsipras has been hailing its return to growth earlier this year. |
| Helena Smith our correspondent in Athens, reports: | Helena Smith our correspondent in Athens, reports: |
| Addressing the second in a series of regional growth conferences in the central town of Lamia, the leftist leader declared that economic recovery was now the equivalent of thrice-bailed out Greece regaining its national sovereignty. | Addressing the second in a series of regional growth conferences in the central town of Lamia, the leftist leader declared that economic recovery was now the equivalent of thrice-bailed out Greece regaining its national sovereignty. |
| He told an audience of local business leaders, politicians and regional officials that: | He told an audience of local business leaders, politicians and regional officials that: |
| “The goal of growth is connected to the very existence of our nation, our national sovereignty, the prosperity of our people, our children.” | “The goal of growth is connected to the very existence of our nation, our national sovereignty, the prosperity of our people, our children.” |
| Tsipras said that Greece is finally heading out of seven long dark years, after returning to the financial markets on Monday with its first bond sale since 2014. The government hopes to repeat that test run soon, as it prepared to exit its current €86bn bailout programme in August 2018. | Tsipras said that Greece is finally heading out of seven long dark years, after returning to the financial markets on Monday with its first bond sale since 2014. The government hopes to repeat that test run soon, as it prepared to exit its current €86bn bailout programme in August 2018. |
| The prime minister had made a similar pledge in an exclusive interview with the Guardian on Monday in which he described Greece’s regaining of economic sovereignty as a “priority.” | The prime minister had made a similar pledge in an exclusive interview with the Guardian on Monday in which he described Greece’s regaining of economic sovereignty as a “priority.” |