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HANOI, Sept 29, 2023 (AFP) – Vietnam’s economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on course to miss an ambitious year-end target. Loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact, the General Statistics Office (GSO) said. But analysts warn it will be an uphill battle for the clothing, shoes and electronics manufacturing hub to reach […]
WASHINGTON, Aug 30, 2023 (AFP) – Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment. GDP growth in the world’s biggest economy came in at 2.1 percent for the second quarter, down from the initial estimate of 2.4 percent released in July. The updated growth figure is still slightly above the pace in the first three […]
OTTAWA, May 31, 2023 (AFP) – Canada’s economy grew by a higher-than-expected 3.1 percent in the first quarter after remaining flat in the final stretch of last year, according to official data released Wednesday. The rise was fueled by strong trade figures, mainly exports, and an increase in household spending, Statistics Canada said. Some analysts had predicted a drop in GDP in the first quarter, or only a slight rise. Exports of goods and services […]
MUMBAI, May 31, 2023 (AFP) – India’s GDP grew by 7.2 percent in the year to March, official figures showed Wednesday, boosted by services and consumption, putting it among the world’s fastest-expanding major economies. The South Asian nation is the world’s fifth-largest economy, and recently surpassed China to become the most populous country. Its growth has rebounded since the pandemic — the economy rocketed 9.1 percent in the 2021-22 financial year. But like other countries, […]
WASHINGTON, April 27, 2023 (AFP) – US economic growth lost steam in the first quarter this year, said the Commerce Department on Thursday, as the possibility of a mild recession brews while consumer spending weakens. Consumption has provided a boost to the world’s biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and rising interest rates are likely to weigh on the outlook. US gross domestic product rose at an […]
Tokyo, Japan | AFP | Tuesday 2/14/2023 Japan’s economy expanded just 0.2 percent in the last quarter of 2022, a smaller rebound than expected despite the long-awaited reopening of the country to tourists, government data showed Tuesday. The figure for the three months to December fell short of the 0.5 percent growth forecast by analysts surveyed by Bloomberg, with the world’s third-largest economy growing 1.1 percent for the calendar year. Japan reopened its doors to […]
JAKARTA, Indonesia (AFP) — Indonesia’s economic growth accelerated to a nine-year high in 2022 despite global uncertainty and a final-quarter slowdown, official data showed Monday, owing to soaring commodity prices and easing Covid-19 curbs. Indonesia was badly affected by the coronavirus pandemic, with its exports and tourism-reliant economy taking a massive hit in 2020 as GDP shrunk by 2.07 percent — its first recession since the 1997 Asian financial crisis. But Southeast Asia’s largest economy […]
Washington, United States | AFP | Thursday 1/26/2023 The US economy grew at a slower pace in 2022, the Commerce Department said Thursday, as activity eased in the final months of the year and recession fears loomed. Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by […]
Washington, United States | AFP | The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed Thursday. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households. Fears of a downturn have intensified in the world’s biggest economy after two quarters of negative growth, commonly […]
Washington, United States (AFP) The American economy contracted in the April-June quarter but not as much as initially reported, as revised data showed stronger US exports and spending, according to government data released Thursday. Second quarter GDP fell 0.6 percent, annualized, less than the 0.9 percent drop the Commerce Department announced in the initial estimate last month. Coming after the steep 1.6 percent contraction in the first quarter, the data still feeds concerns about a […]
Main growth contributors were transportation and construction; services sector posted highest positive growth (Eagle News) – The Philippine economy grew by 7.4 percent in the second quarter of 2022, mostly due to growth in the construction sector and transportation and storage, according to figures from the Philippine Statistics Authority. The figure, however, was lower than the first quarter growth figure of 8.3 percent, and also lower than the fourth quarter of 2021 growth rate […]
WASHINGTON, United States (AFP) — President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter. “We’re not going to be in a recession in my view,” Biden told reporters. Citing strong employment figures, the president said he hoped instead for a soft landing where “we go from this rapid growth to steady […]
