Latest Gross domestic product News

Report: Hurricane Dorian inflicted $3.4B losses on Bahamas

Nov. 15, 2019 5:14 PM EST

SAN JUAN, Puerto Rico (AP) — Hurricane Dorian inflicted losses of about $3.4 billion on the Bahamas, an amount equal to one-quarter of the Caribbean archipelago’s GDP, according to a report released Friday. The report by the Inter-American Development Bank also said there were 67 confirmed deaths...

Germany's Merkel: 2% of GDP on defense by 2031 'realistic'

Nov. 7, 2019 11:20 AM EST

BERLIN (AP) — Germany's defense minister is calling for the country to spend 2% of gross domestic product on defense by 2031, a target Chancellor Angela Merkel called "realistic but ambitious." NATO members in 2014 agreed to "aim to move toward" increasing defense spending to 2% of GDP by 2024. The U.S....

US economy grows at modest 1.9% rate in third quarter

Oct. 30, 2019 4:43 PM EDT

WASHINGTON (AP) — The U.S. economy slowed to a modest growth rate of 1.9% in the summer as consumer spending downshifted and businesses continued to trim their investments in response to trade war uncertainty and a weakening global economy. The Commerce Department reported Wednesday that the July-September...

US economy grew at modest 2% rate in second quarter

Sep. 26, 2019 9:32 AM EDT

WASHINGTON (AP) — The U.S. economy grew at a modest 2% annual rate in the second quarter, a pace sharply lower than the 3%-plus growth rates seen over the past year. Many analysts believe growth will slow further in coming quarters as global weakness and rising trade tensions exert a toll. The April-June...

Can green investment help relaunch Germany's economy?

Sep. 19, 2019 7:58 AM EDT

FRANKFURT, Germany (AP) — A recession looms for Germany and the European Central Bank is pleading for governments to spend more to revitalize economic growth. Yet despite having the luxury of borrowing money for less than nothing, the German government is keeping a tight rein on its finances. A debate over...