The U.S. economy grew 2.6 percent in the fourth quarter, down from 3.2 percent in the third quarter, according to the Bureau of Economic Analysis (BEA). This is slightly below the second estimate of 2.7 percent. The real GDP growth rate (inflation-adjusted) was 2.1 percent in 2022, down from 5.9 percent in 2021. Most of…
Sharp Spending Slowdown Lowers Fourth-Quarter US GDP Ahead of Banking Crisis
Sharp Spending Slowdown Lowers 4th-Quarter US GDP Ahead of Banking Crisis
The U.S. economy grew 2.6 percent in the fourth quarter, down from 3.2 percent in the third quarter, according to the Bureau of Economic Analysis (BEA). This is slightly below the second estimate of 2.7 percent. The real GDP growth rate (inflation-adjusted) was 2.1 percent in 2022, down from 5.9 percent in 2021. Most of…
HK Q4 GDP Contracts 4.2% YOY, With Import and Export Trade a Major Drag
On March 20, the Census and Statistics Department (C&SD) of Hong Kong released the preliminary year-on-year net Gross Domestic Product (GDP) figures by economic activity for the fourth quarter of 2022 and the whole year of 2022. According to the preliminary figures, overall GDP decreased by 4.2 percent year-on-year in the fourth quarter of 2022,…
‘Narrowly Focused and Fiscally Responsible’: Finance Minister Freeland Outlines Priorities for 2023 Budget
March 20, 2023
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Finance Minister Chrystia Freeland said the federal government plans to make “two significant and necessary investments” in the next budget, namely in health care and in building a green economy, while promising to be “narrowly focused and fiscally responsible” to fight inflation. “The truth is, we can’t fully compensate every single Canadian for all of the effects…
US-China Economic Gap Widens; China Misses Turning Point in Prosperity
News Analysis China’s economy is growing stagnant, with the GDP growth prediction for 2023 officially assessed as the lowest in 30 years, indicating a total economic decline after the COVID-19 outbreak. Such a slump means a widening gap with the United States and a reversal of previous projections by economists that the Chinese economy would…
CCP’s Top ‘Two Sessions’ Political Meeting Kicks Off: Sets Lower GDP Target, Increases Military Spending
March 5, 2023
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The Chinese Communist Party’s (CCP) 2023 Two Sessions top political meeting started on Saturday, March 4, and is expected to last for two weeks. The regime has set its 2023 gross domestic product (GDP) target at its lowest level in years. It also announced a 7 percent increase in military spending, its second highest in…
China Added to Its Money Supply in 2022
News Analysis China has reportedly added trillions of yuan to the money supply in 2022, the most in its history and equivalent to the combined amount from the United States, Japan, and the European Union. However, the move may have no way to boost the Chinese economy, given a sluggish trend in GDP and a…
German Economy Shrinks 0.4 Percent in 4th Quarter, Weak Start to 2023 Seen
BERLIN—The German economy contracted more strongly than expected in the final three months of 2022, as inflation and the energy crisis took their toll on household consumption and capital investment. The German economy shrank by 0.4 percent in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday….
US Economy Grew at a Slower Pace in 4th Quarter as Consumer Spending Revised Lower
The U.S. economy expanded at a slower-than-expected pace in the fourth quarter, according to the second estimate from the Bureau of Economic Analysis (BEA). In the three months ending in December, the GDP growth rate rose 2.7 percent, down from 3.2 percent in the third quarter. This was below the previous BEA estimate of 2.9…
Turkey Earthquake Could Result in Loss of up to 1 Percent of Country’s GDP in 2023
LONDON—The potential economic effects of the earthquake in Turkey could result in a loss of up to 1 percent of the country’s gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday. The bank added this is a “reasonable estimate” due to the expected boost…
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