GDP Financial News

'What is required from our leaders are some genuine policies to be able to generate sustainable growth, which benefits the wider economy. Failing which, the image of the mammoth stuck in the La Brea Tar Pits creates the perfect analogy.'

The Fed will likely delay the timing of the first cut further, potentially clashing with the presidential election in November.

Prior to this morning’s data release, some economists had brought forward predictions for Bank of England rate cuts, expecting potential easing in May or June.

Official statistics also revealed that the property sector, entangled in a three-year debt crisis, continued to face challenges in 2023.

Overall GDP growth was a reverse of the 0.3% contraction seen in October, bringing UK growth flat over the two consecutive periods.

Markets are now expecting up to six 25-basis-point cuts by the end of the year.

Within the economy, the services sector's output has been revised down from a 0.1% fall to a 0.2% fall over Q3, while the production and construction sectors have been revised upwards, to 0.1% and 0.4% growth, respectively.

The CBI predicted that GDP growth for the UK would average 0.6% this year, before growing 0.8% in 2024 and 1.6% in 2025.

The CBI predicted that GDP growth for the UK would average 0.6% this year, before growing 0.8% in 2024 and 1.6% in 2025.

Inflation is expected to average 4.8% in the final quarter of this year, 1.9 percentage points higher than in the March forecast.

The economy of the euro zone shrank by 0.1% in the third quarter, as per initial calculations, falling short of the expected consensus that the GDP would remain stable compared to the previous quarter.

In the three months to August, GDP increased by 0.3% when compared with the three months to May 2023, with growth in all sectors.

'Easing prematurely would squander the gains achieved in the past 18 months,' the IMF said.

Canada’s economic growth was “essentially unchanged” in July, Statistics Canada said Friday, but there were signs growth was returning later in the third quarter.

'The BoE has an incredibly difficult job to do, and with next year likely to see a general election at the same time, they will not want to overcorrect and tip the balance of power one way or another.'

Stubborn inflation might not warrant another interest rate hike, but could mean the Bank of Canada keeps its policy rate higher for longer, according to new forecasts released this week.

Global GDP growth for 2024 is forecast to be 2.7%, compared with 3% in 2023, according to the OECD’s estimates.

Production output fell by 0.7% in July after growth of 1.8% in June, largely due to a 0.8% drop in the manufacturing sector.

Production output fell by 0.7% in July after growth of 1.8% in June, largely due to a 0.8% drop in the manufacturing sector.

'We will extend our review to cover similar issues relating to a wider set of national accounts measures as appropriate,' the OSR said.

Statistics Canada said Friday.The economy contracted 0.2 per cent annually in the quarter, the agency said, which was enough for some economists to believe the Bank of Canada would keep its key interest rate on hold at its next decision Sept. 6.StatCan also revised down its earlier GDP figures for the first quarter to 2.6 per cent growth, down from 3.1 per cent.The pullback in the second quarter came as housing investment fell 2.1 per cent to post its fifth consecutive quarterly decrease.New construction dropped 8.2 per cent in the quarter, while renovation spending also fell 4.3 per cent.While Canadians spent more overall in the quarter, StatCan noted that on a per-capita basis, spending was down 0.7 per cent in Q2.An early estimate by the agency had estimated Q2 growth at an annualized rate of one per cent.