Latest Gross domestic product News

EU cuts forecast for economic growth as war's fallout widens

May. 16, 2022 09:53 AM EDT

BRUSSELS (AP) — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s gross domestic product will expand 2.7% this year and 2.3% in 2023, the...

UK economic growth slows, raising recession concerns

May. 12, 2022 04:51 AM EDT

LONDON (AP) — Britain’s economy grew at the slowest pace in a year during the first quarter as retailers and manufacturers were hurt by supply disruptions and higher prices, raising concerns that the country may be headed for a recession. Gross domestic product, the broadest...

US economy shrinks, threats loom, but growth likely to last

Apr. 28, 2022 16:04 PM EDT

WASHINGTON (AP) — The U.S. economy shrank in the first three months of the year, and faces threats from high inflation and rising interest rates, yet economists foresee a return to growth for the rest of 2022 based on the strength of the job market and consumer spending. The first...

Drop in US GDP challenges Biden's pitch to voters

Apr. 28, 2022 15:48 PM EDT

WASHINGTON (AP) — President Joe Biden’s upbeat message that the economy is cruising along hit a troublesome speed bump on Thursday when the federal government reported that U.S. gross domestic product shrank during the first three months of 2022. Economic activity declined at...

German government cuts economic forecast, sees 2.2% growth

Apr. 27, 2022 10:28 AM EDT

BERLIN (AP) — The German government forecast Wednesday that the country's economy, Europe's biggest, will grow by only 2.2% this year as Russia's war in Ukraine weighs on prospects. The Economy Ministry chopped the outlook for gross domestic product from the 3.6% growth it...

UK economic growth slows amid declines in manufacturing

Apr. 11, 2022 03:54 AM EDT

LONDON (AP) — Britain’s economic growth slowed in February amid declines in the production of cars, computers and chemicals. Gross domestic product increased just 0.1% from a month earlier, down from the 0.8% growth reported in January, the Office for National Statistics said...

US growth in Q4 revised lower to 6.9%, slower growth to come

Mar. 30, 2022 09:16 AM EDT

WASHINGTON (AP) — The U.S. economy ended 2021 by expanding at a healthy 6.9% annual pace from October through December, the government reported Wednesday, a slight downgrade from its previous estimates. For all of 2021, the nation’s gross domestic product — its total output of...

German economic advisers slash 2022 growth forecast to 1.8%

Mar. 30, 2022 08:37 AM EDT

BERLIN (AP) — The German government's panel of independent economic advisers on Wednesday slashed its 2022 growth forecast for Europe's biggest economy in light of Russia's invasion of Ukraine and concern over energy supplies and prices. The group forecast that Germany's gross...

Australia aims to ease inflation pressures ahead of election

Mar. 29, 2022 06:10 AM EDT

CANBERRA, Australia (AP) — Australia’s government presented a range of economic measures on Tuesday such as halving the tax on gasoline to help cushion the impact of high inflation and win votes at elections due by May. Inflation fueled by the Ukraine war, the pandemic’s...

Economic dangers from Russia's invasion ripple across globe

Mar. 02, 2022 13:38 PM EST

WASHINGTON (AP) — Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. The repercussions are also menacing the global economy, shaking financial markets and making...