U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated, putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth, Reuters reports. Gross domestic product increased at a 4.2 percent annualized rate, the Commerce Department said on Thursday in its third estimate of GDP growth for the April-June quarter. That was the fastest pace since the third quarter of 2014 and unchanged from the estimate published in August. The economy grew at a 2.2 percent pace in the January-March period. Upward revisions to spending on residential structures and on nondurable goods like gasoline was offset by a downgrade to inventory investment. The economy expanded 3.2 percent in the first half of 2018. Growth in the second quarter was driven by the Trump administration’s $1.5 trillion tax cut package, which boosted consumer spending after it almost stalled early in the year. There was a … [Read more...] about U.S. second-quarter GDP growth unrevised at 4.2 percent
Quarterly gdp china
Stronger Africa Makes for Stronger China
By Tom McGregor, CCTV.com Panview commentator and editor, based in Beijing If you've been paying attention to international current events, you may have not seen much media coverage over the groundbreaking summit that has set the stage for Beijing to play a much more significant role in geopolitical affairs and the globalized economy. The FOCAC is President Xi's response to the ensuing US-China trade war that has emerged with no bilateral agreement in sight at the moment. © AP Photo / Yang Baosen/XinhuaWhy Neither US Tariffs, Nor Sanctions Can Stop China's Bullet TrainsYes, the US stands as the world's largest economy. Its gross domestic product (GDP) was $19.39 trillion, as of Dec. 31, 2017, according to the World Bank. The US economy has also achieved higher-then-expected growth rates with the nation's 2nd quarter GDP growth rate hitting 4.2 percent. China, the world's second-largest economy, had GDP totaling … [Read more...] about Stronger Africa Makes for Stronger China
How Strong Is China’s Economy? GDP Alone Won’t Say
It’s the go-to measure of an economy. But sometimes gross domestic product doesn’t tell you much.A glance at China’s second-quarter GDP, released Monday, might suggest things are holding up pretty well in the world’s second-largest economy. The 6.7 percent increase from a year ago — just barely below the prior period — points to a China that weathered the early skirmishes of a trade war, continued its transition to a consumption-driven economy and isn’t suffering too much from a state campaign to rein in debt.Fair enough, as far as it goes. But the quarterly data doesn’t convey that activity slowed significantly in June, the last month of the period under review. (This isn’t a comment on whether China’s figures are cooked, though there are skeptics who point to comments WikiLeaks attributed to premier Li Keqiang when he was a provincial leader that GDP is “manmade” and “for reference only.”)Figures … [Read more...] about How Strong Is China’s Economy? GDP Alone Won’t Say
Chinese economic growth slows in second quarter
The world's second-largest economy grew 6.7pc in the last quarter year-on-year - matching expectations - and looks set to meet the official 2018 growth target of around 6.5pc, though the trade row with Washington, a slowing property market and lower shipments have sharply increased the risks to the outlook. "We expect growth in H2 to be challenged by the slow credit growth and softer real estate activity. Also, the intensifying trade conflict with the US will start to weigh on growth," Louis Kuijs, head Of Asia Economics for Oxford Economics in Hong Kong, wrote in a note. The second quarter GDP figure was slightly below the first quarter's 6.8pc, the National Bureau of Statistics said on Monday, with net exports making a dent on overall first half economic growth. As the trade tussle with Washington shows no signs of ebbing and the external sector continues to weigh on China's economy, more timely monthly activity data indicated growth was slowing at a faster pace going into the second … [Read more...] about Chinese economic growth slows in second quarter
Asia Stocks Signal Mixed Start Ahead of China Data: Markets Wrap
Asian stocks will likely start the week in a mixed fashion as traders assess the sustainability of last week’s relief rally ahead of a slew of Chinese economic figures. Futures pointed to a marginally higher open for equities in Sydney, while Hong Kong shares indicated a slightly lower start. Japan is shut for a public holiday. Friday’s gain in U.S. stocks pushed the S&P 500 back above 2,800 as a pause in trade tensions outweighed a mixed start to earnings season. The yen is little changed after posting its biggest weekly slide since September.Trade tensions eased somewhat last week as officials in Beijing appeared to moderate their response to President Donald Trump’s tariff threats amid a slowing economy, falling stock market and weakening currency. Data coming Monday, including GDP and industrial production and retail sales, will give the latest detail on China’s economy, while later this week investors expect Federal Reserve Chairman Jerome Powell to lay … [Read more...] about Asia Stocks Signal Mixed Start Ahead of China Data: Markets Wrap