Translate the article into Russian in writing. Taking Europe’s pulse
Taking Europe’s pulse
The recovery in the 19-strong euro area is continuing but it is nothing to write home about. Growth had picked up to 0.5% in the first quarter of 2015 (compared with the final quarter of 2014), the strongest performance since the upswing started in the spring of 2013. Since then, however, the pace of expansion has slackened, to 0.4% last spring and an average quarterly rate of 0.3% in the second half of last year. Indeed, euro-zone GDP in the final quarter of 2015 was still below its pre-crisis peak of early 2008 whereas America’s was almost 10% above its peak of late 2007.
The sluggish pace of the recovery has been especially disappointing given the fact that the euro area has benefited from a double fillip. First, the fall in energy prices caused by the collapse in the oil price acted in much the same way as a tax cut, boosting consumer spending—the main engine of the recovery. Second, the European Central Bank has carried out quantitative easing since March 2015.
The outlook for growth in 2016 now looks feebler and more uncertain following the sharp falls in European stock markets. The slowdown in China and emerging economies, which account for a quarter of euro-zone exports, will also harm the recovery by hurting exporting companies. Germany will be particularly affected since the Chinese market has been a lucrative one for its exports of capital goods and luxury cars. Despite these brakes a recovery of sorts should remain intact, for three reasons. Renewed declines in oil prices will further boost household budgets. The European Central Bank is poised to loosen monetary policy still further. And spending on refugees, especially in Germany, will provide a modest fiscal stimulus.
The Economist, February 18th, 2016
NOTES
1. nothing to write home about (idiom) -notsomethingthat is especiallygood or exciting; mediocre;not as good as youexpected – ничегоособенного, таксебе.
2. given –учитывая,принимая во внимание
3. quantitative easing -an unconventional monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply – либерализацияденежно-кредитнойполитики, посути, увеличениеобъемаденежноймассывобращении; т.н. «количественноесмягчение».
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USEFUL TERMS AND EXPRESSIONS
· upswing –рост, подъем
· to slacken –замедлять(ся), ослабевать
· sluggish –медленный, вялый, пассивный
· fillip –стимул, толчок
· feeble –слабый, немощный, характеризующийся низкой интенсивностью
· lucrative –прибыльный, выгодный, высокодоходный
· toloosenmonetarypolicy –проводить более либеральную денежно-кредитную политику
· fiscal stimulus -налогово-бюджетное стимулирование
CONSOLIDATION
Exercise № 23
Translate the sentences into English.
1. The economy of the 16 countries that use the euro shrank by a massive 2.5% in the first quarter as the recession tightened its grip all across the continent.
2. Gross domestic product, the value of all goods and services produced, rose at a 1.9% annualized rate following the prior quarter’s 3.5% gain that was the largest increase in two years, Commerce Department data showed Friday in Washington.
3. South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year.
4. South Africa’s growth slowed to 0.3% last year, the lowest rate since 2009, after lower commodity prices, the effects of the prior year’s drought and weaker demand for locally made goods weighed on output. Unemployment rose to a 14-year high in the first quarter.
5. There’s also debate on two consecutive quarters of contraction as an appropriate definition of recession.
6. The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more.
7. Consumer spending, the biggest part of the economy, climbed 2.5%, in line with projections.
8. Germany’s economy expanded 0.6 % in the first quarter on the back of stronger domestic demand and firming global trade.
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9. After-tax incomes adjusted for inflation climbed at a 1.5% annual rate, a three-year low.
10. Gross domestic product rose at a 3.5% annualized rate in the three months ended in September, compared with a prior estimate of 3.2%, Commerce Department figures showed Thursday.
11. The increase in household purchases, which account for about 70% of the economy, followed the prior quarter’s 3% jump.
12. German unemployment fell to a new record low as Europe’s largest economy continued to power ahead.
13. The number of people out of work slid by a seasonally adjusted 30,000 to 2.6 million in March, and the rate dropped to 5.8% from 5.9%, data from the Federal Labor Agency in Nuremberg showed on Friday.
14. The industrial sector has been undermined by a slowing global economy and stronger dollar, which have eroded demand for U.S. manufactured goods.
15. Weaker prices for oil and other commodities will continue to weigh on mining for some time, economists predict.
16. The Mexican peso, which plummeted immediately after Mr Trump’s election because of fears of a potential trade war, has recovered.
17. Household purchases, which account for almost 70 percent of the economy, grew at a 3 percent annualized rate, stronger than the 2.8 percent pace previously estimated.Sluggish growth is the result of sluggish demand, accompanied by falling prices as firms compete at the expense of profit margins.
18. As for Australia’s recession risk, slumps have traditionally come from the Reserve Bank of Australia slamming on the brakes to try to rein in inflation – as before 1991 when interest rates hit 18 percent.
19. Growth in services, the dominating sector of India’s economy, declined to a four-month low in April.
20. As people get richer, they want more quality of life.
21. The vast majority of the domestic manufacturing sector was more productive in 2014 than a year earlier, according to a Labor Department report released Tuesday, as automation allows a thinning industrial workforce to maintain relatively consistent output.
22. U.S. industrial production fell more than expected in March as output declined broadly, the latest indication that economic growth braked sharply in the first quarter.
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23. The Fed has kept rates at low levels since the financial crisis to boost economic activity by encouraging borrowing and risk-taking.
24. The Fed aims to maintain moderate inflation, rather than price stability, since that lets the Fed cut interest rates more sharply during an economic downturn.
25. The global economic recovery is gaining momentum as businesses ramp up production, though policy makers must guard against imposing new trade barriers, IMF Managing Director Christine Lagarde said.
26. The Fed also wants to avoid deflation, or price declines, because as things become cheaper each day, consumers and businesses postpone buying and economic activity shrinks more.
27. Less investment now will eventually mean lower production in the future and tighter supply.
VOCABULARY CHECK
Exercise № 24
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