The Greek debt ratio has exploded since the crisis to reach 177 per cent of GDP in 2014, up from 126 per cent of GDP in 2009 or 102 per cent of GDP in 2007. But a rise in the ratio of debt to GDP is caused by two components, namely the trend of nominal debt and the trend of nominal GDP. In the case of latest Greek debt ratio rise, it was not due to a rapid rise in debt levels but the sharp decline in GDP.
House prices in Europe were 2.5 per cent higher in the first quarter of this year compared to 2014; the fastest annual increase since the start of 2008. Read more
A fifth of all Greeks and a third of Greek youths are now considered severely materially deprived; this means they cannot afford to take a holiday, meet unexpected financial burdens or even eat a meal of meat or fish every second day. These proportions have both doubled since the start of the financial crisis and are now the highest in Western Europe. Pre-crisis youth deprivation in Greece was below the European average, now it’s nearly three times higher.
George Osborne, the chancellor, presents his second Budget of the year today. Post-election Budgets since 1992 have all included taxes rises. Only in 2009, after the financial crisis, have taxes risen substantially in the middle, rather than at the beginning, of a parliament.
People in the EU hold a more upbeat view of robots than they did three years ago, with 70 per cent of those polled seeing them as positive, up from 64 per cent. Men, managers and the better educated were also more likely to have a positive view.
Analysts now expect another recession in Greece. Earlier this year analysts were forecasting a recovery in 2015, after a 26 per cent contraction in gross domestic product in the six years from 2008-2013
British strawberry production is set to hit a record this year. Industry body British Summer Fruits expects output from its members to hit 76,000 tonnes, up 19 per cent from a record harvest of 64,000 tonnes in 2014.
Bank chief executives’ pay has rarely been out of the news in the six years that Equilar and the Financial Times have been publishing this annual analysis. While the pay of almost all the bank bosses in the study increased in 2014, it remains well below pre-crisis levels and is likely to remain so.
European banks’ share of investment banking fees is at an all time low. Advisers have earned 29 per cent o the total global fee pool so far this year, down from 32 per cent in 2014, marking the lowest fee share since records began in 2000.
Expected years in retirement have been rising in advanced countries. Men who retired in 2012 should have 18 years, slightly up from 2000. People have been retiring later, but life expectancy has risen as well
Greece had the largest improvement in fiscal deficit as a proportion of GDP among advanced countries over the past six years. It now ranks better than France, the UK and Spain, despite a fall in GDP of more than 20 per cent in the same period.
More than half of asylum applications in the EU were in Germany and Hungary in the first quarter this year. The number rose nearly 30 per cent compared with the previous quarter with Kosovans being the main nationality in both countries.
The impact of the shale revolution saw the US overtake Saudi Arabia and Russia to become the world’s leading producer of oil- for the first time since 1975. US output also passed its previous peak, set in 1970
On the 21st of June, the UK Department of Health announced that from September 2015 babies aged over 2 months will be offered the MenB vaccine, which protects against meningococcal B disease. The MenB programme means that England is the first country in the world to begin national and publicly funded Men B immunisation.
Ecigarette sales are set to soar by 55 per cent globally this year. The fastest growth is forecast in Bosnia-Herzegovina, with growth of 160 per cent compared with 2014. Sales in the US, the largest market, are set to rise 86 per cent.
A surprisingly high number of people in the large eurozone economies would like to revert to their own currency, although this proportion has been decreasing. In Italy over a third want to return to the lira
Keith Fray and Valentina Romei
During the six years from 2007 to 2013 the annual output of the Greek economy fell by more than 26 per cent. On the FT’s statistics desk we wanted to know how that fall ranked compared with sustained periods of economic retrenchment and dislocation in other countries. Read more
The number of hours worked per person in employment has fallen in most advanced countries since the financial crisis. The UK is among the few countries where the shift toward shorter-hours employment has been reversed. Read more