Economy news and archive

Corporate insolvencies in Western Europe reach record high

Berlin - The economic crisis is having serious, and for many, existential consequences for companies in Western Europe. According to the credit agency Creditreform, the number of corporate insolvencies rose last year to its highest level since records began in 2002. In 2025, a total of 197,610 insolvencies were recorded, an increase of 4.8...

Retail

Shoppers from abroad are no longer flocking to American stores

For global consumers, the United States has long been more than just a travel destination—it is a retail and fashion mecca. From the flagship boutiques of New York’s Fifth Avenue to the sprawling designer outlets of California and Florida, the U.S. has offered international visitors a potent mix of local and luxury brands, competitive pricing,...

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Business

“Status of German Fashion 2024”: Between tradition and digitalisation

The Fashion Council Germany (FCG) and eBay Germany recently published the study “Status of German Fashion 2024”, which, in conjunction with the research institute Oxford Economics, examined the economic significance of the German fashion industry (clothing, footwear, accessories, bags and jewellery). The study also looked at the key challenges...

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Business

UK economy shrinks for second month running

The UK economy shrank for the second consecutive month in April, new data shows. Gross domestic product (GDP) fell by 0.3 percent in April following a decline of 0.1 percent in March, according to the Office for National Statistics (ONS). That drop was bigger than expected. The average response from economists polled by Reuters was that GDP...

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Business

UK economy suffers record drop in 2020

The UK’s annual GDP fell by 9.9 percent in 2020 amid the pandemic, the largest yearly slump on record. The economy returned to growth in December, up 1.2 percent compared to a drop of 2.3 percent in November as restrictions eased, according to new data from The Office for National Statistics (ONS). Despite strong growth through the second half...

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Business

UK economic growth hits six-month low

Growth in the UK economy has slowed in the three months to November to its weakest pace in six months. The economy grew by 0.3 percent in this period, down from 0.4 percent in the three months to October, according to new data by the Office for National Statistics (ONS). The economy grew by 0.2 percent in November, up from October’s 0.1 percent...