The US economy contracted by 1.4 percent in the first quarter. The drop in gross domestic product (GDP) is not expected. Bloomberg analysts forecast 1% growth on average.
This is a preliminary estimate from the US Department of Commerce. At the end of 2021, there was still growth of 6.9 percent, it seems today.
The decline is attributed to the decline in private investment, exports and government spending. In addition, imports rose, which had a bearish effect on the GDP expense. Private consumption, investment, and real estate investment increased.
Growth rates, as usual in the US, are “annual”. Compared to the previous quarter, the quarterly performance is fantastically extended over a full year. The figure thus reflects the annual growth that it could have had if this pace continued for another three quarters.
To make the number similar to the European method of calculation, you would have to divide it by four, which results in a drop of 0.35 percent. Eurostat will release its first estimate for the first three months of the year on Friday. Belgium’s economy grew 0.3 percent in the first quarter compared to the end of 2021, according to a first estimate called a “quick estimate” by the National Bank.
This will be followed by a restatement of the quarterly figure at the end of May.
Unlimited free access to Showbytes? And that can!
Sign in or create an account and never miss a thing from the stars.
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”