Latest Gross domestic product News

US budget deficit hits $2.77 trillion in 2021, 2nd highest

Oct. 22, 2021 15:41 PM EDT

WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating...

US slightly revises up its GDP estimate for Q2 to 6.7%

Sep. 30, 2021 10:35 AM EDT

WASHINGTON (AP) — The U.S. economy expanded at a 6.7% annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter's growth in the face of a resurgence of COVID-19 in the form of the delta variant. The...

Draghi credits vaccines for Italy's economic recovery

Sep. 29, 2021 15:52 PM EDT

MILAN (AP) — Italy’s vaccination campaign is a key factor behind its economic recovery from the pandemic, Premier Mario Draghi said Wednesday after signing a document that forecast a higher-than-expected 6% growth this year. Draghi called vaccinations “an...

UN report: Afghanistan teeters on brink of universal poverty

Sep. 10, 2021 00:39 AM EDT

UNITED NATIONS (AP) — Afghanistan is teetering on the brink of “universal poverty” that could become a reality in the middle of next year unless urgent efforts are made to bolster local communities and their economies, the United Nations development agency said in a report launched...

The Latest: UN: Afghanistan on brink of “universal poverty”

Sep. 09, 2021 23:09 PM EDT

UNITED NATIONS -- The United Nations development agency says Afghanistan is teetering on the brink of “universal poverty” which could become a reality in the middle of next year unless urgent efforts are made to bolster local communities and their economies. It said...

US slightly upgrades GDP estimate for last quarter to 6.6%

Aug. 26, 2021 10:08 AM EDT

WASHINGTON (AP) — The U.S. economy grew at a robust 6.6% annual rate last quarter, slightly faster than previously estimated, the government said Thursday in a report that pointed to a sustained consumer-led rebound from the pandemic recession. But worries are growing that the delta variant...

Japan ekes out economic growth in recovery from pandemic

Aug. 15, 2021 22:07 PM EDT

TOKYO (AP) — Japan’s economy grew at an annual rate of 1.3% in the last quarter, raising hopes for a gradual recovery from the painful impact of the coronavirus pandemic. The Cabinet Office reported Monday seasonally adjusted gross domestic product, or GDP, the sum of...

German economy rebounds in 2nd quarter but short of forecast

Jul. 30, 2021 04:51 AM EDT

BERLIN (AP) — Germany's economy grew by 1.5% in the second quarter compared with the previous three-month period, picking up after a sharp first-quarter fall but less strongly than expected. The figure released Friday by the Federal Statistical Office fell short of the...

US economy surpasses pre-pandemic size with 6.5% Q2 growth

Jul. 29, 2021 15:28 PM EDT

WASHINGTON (AP) — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. The total size of the economy has now surpassed its pre-pandemic level....

Revisions show slightly smaller GDP drop last year

Jul. 29, 2021 09:07 AM EDT

WASHINGTON (AP) — The U.S. economy contracted by a slightly smaller amount last year than previously reported and grew slightly more in 2019 and slightly less in 2018. Those are the results from the government’s annual benchmark revisions of the gross domestic...