Gross Domestic Product

Moody's Sees Long-Term Economic Benefit to Fuller Racial Integration

Kimberly Redmond | |

Fuller racial integration across the US could have a positive impact on the nation’s long-term economic growth, according to a new study.

In an analysis released Wednesday by Moody’s Analytics, researchers estimated the US real gross domestic product growth (GDP) over the next decade would increase from 2.4% to 2.7% annually if more communities became as integrat...

GDP Grows at 6.5% Annual Rate in Second Quarter, Slower Than Expected

Reuters | |

U.S. economic growth solidly in the second quarter as massive government aid and vaccinations against COVID-19 fueled spending on travel-related services.

Gross domestic product increased at a 6.5% annualized rate last quarter, the Commerce Department said on Thursday in its advance estimate of second-quarter GDP. The economy grew at a revised 6.3% rate in the first quarter

China Reports 7.9% Annual GDP Growth in Second Quarter

AP News | |

China’s economic growth slowed to a still-strong 7.9% over a year earlier in the three months ending in June as a rebound from the coronavirus leveled off.

As expected, the growth reported Thursday fell from the previous quarter’s explosive 18.3%, which was magnified by comparison with early 2020, when the world’s second-largest economy closed factories, stores and offices to fight the coronavirus. China led a global recovery after the ruling Communist Party declared the disease under control last March and reopened most industries.

US Economy Grows at 6.4% Annual Rate in First Quarter of 2021

AP News | |

The U.S. economy grew at a solid 6.4% rate in the first three months of the year, setting the stage for what economists believe may be the strongest year for the economy in about seven decades.

Growth in the gross domestic product, the country’s total output of goods and services, was unchanged from two previous estimates, the Commerce Department said Thursday, an acceleration from the 4.3% pace of the fourth quarter.

US Economic Recovery Showing Momentum With 6.4% Annualized GDP Growth

AP News | |

Powered by consumers and fueled by government aid, the U.S. economy is achieving a remarkably fast recovery from the recession that ripped through the nation last year on the heels of the coronavirus and cost tens of millions of Americans their jobs and businesses.

The economy grew last quarter at a vigorous 6.4% annual rate, the government said Thursday, and expectations are that the current quarter will be even better. The number of people seeking unemployment aid — a rough reflection of layoffs — last week reached its lowest point since the pandemic struck. And the National Association of Realtors said Thursday that more Americans signed contracts to buy homes in March, reflecting a strong housing market as summer approaches.

China's Economy Jumps 18.3% in First Quarter, But Post-COVID-19 Rebound Plateauing

AP News | |

China’s economy grew by double digits in the latest quarter but an explosive rebound from the coronavirus pandemic is slowing abruptly as manufacturing and consumer spending return to normal.

The economy grew by 18.3% over a year ago, official data showed Friday, a figure that was magnified by comparison with early 2020, when factories and shops were closed and activity plunged. Growth compared with 2020’s final quarter, when a recovery was under way, slowed to 0.6%, among the weakest of the past decade.

Fourth Quarter US GDP Growth Revised Up Slightly to 4.3%

AP News | |

The U.S. economy grew at an annual rate of 4.3% in the final three months of 2020, slightly faster than previously estimated, as recovery expectations for 2021 rise along with vaccinations and the provision of nearly $2 trillion in additional government support.

GDP in the October-December quarter rose from an estimated rate last month of 4.1%, the Commerce Department reported Thursday. The upward revision reflected stronger inventory restocking by businesses.

UNCTAD Upgrades Global Economic Growth Forecast to 4.7% in 2021

Kimberly Redmond | |

The United Nations Conference on Trade and Development (UNCTAD) has upgraded its forecast for global economic growth in 2021, thanks to a stronger-than-expected recovery in the US.

In a report published Thursday, the intergovernmental trade and development body said global gross domestic product (GDP) will grow by 4.7%, an increase from the 4.3% projection it made in September.

UK Annual GDP Fell 9.9% in 2020, Largest Decline on Record

Kimberly Redmond | |

COVID-19-related travel restrictions, stay-at-home orders and business closures in 2020 caused the British economy to suffer a record decline.

Output shrank 9.9% last year, more than double the decrease in 2009 at the height of the global financial crisis and narrowly worse than the 9.7% slump in 1921 when the country was recovering from World War I and the Spanish Flu pandemic, the Office for National Statistics (ONS) said Friday.

US Economy Grew at 4% Annual Rate in Q4, Contracted 3.5% for Full Year

AP News | |

Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years.

For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II, the economy contracted 3.5% and clouded the outlook for the coming year. The economic damage followed the eruption of the pandemic 10 months ago and the deep recession it triggered, with tens of millions of Americans left jobless.

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