German government raises GDP growth prediction to 2 percent
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent. The stronger outlook for global economy and increased export demand has led the German authorities to raise their outlook.
The Europe’s largest economy has witnessed growth in domestic consumption and production has improved over the last few months, keeping in mind the export demand. During August, the industrial output jumped by three percent. German exports also went up by 3.1 percent during August.
The official statement said, "The German economy is enjoying a steady and broad-based upswing, underpinned by a solid domestic foundation. The economy in Germany has gained broad momentum and will continue to grow in the coming years."
After recent IMF upgrade for global economy, stock markets across the world have been trading strong. The U.S. stock market has been leading the rally in stocks as investors are expecting Trump government to bring in tax reforms. Lower taxes would mean much higher growth for many sectors.
While Spain is facing political uncertainty due to Catalonia referendum, the IMF report projects stronger growth for Spain in 2017 and 2018. Spain and Greece have suffered economically over the past few years and growth in economy would surely help the European market.
Domino's Pizza has acquired Hallo Pizza, the largest independent pizza chain in Germany. With acquisition of Hallo Pizza, Domino’s has become the largest pizza chain in Germany with more than 370 stores across the country.
The People’s Party (ÖVP) has won the parliamentary elections and 31-year-old leader Sebastian Kurz would be the youngest national leader in Europe. Kurz will be having a tough task of dealing with European leadership.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.