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(Bloomberg) Discover whatâs driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here
(Bloomberg)
Discover whatâs driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here
U.S. economic growth accelerated in the first quarter as a rush of consumer spending helped bring total output to the cusp of its pre-pandemic level, foreshadowing further impressive gains in coming months.
Gross domestic product expanded at a 6.4% annualized rate following a softer 4.3% pace in the fourth quarter, the Commerce Departmentâs preliminary estimate showed Thursday. Personal consumption, the biggest part of the economy, surged an annualized 10.7%, the second-fastest since the 1960s.
South Korean Economy Joins China in Surpassing Pre-Pandemic Peak
Bloomberg 20 mins ago Sam Kim
(Bloomberg) South Korea led the developed world to join China in exceeding the size of its pre-pandemic economy, as investment and exports helped it expand faster than expected.
Gross domestic product grew 1.6% during January-March from the previous quarter, the Bank of Korea said Tuesday, easily beating economists’ consensus for a 1.1% expansion. That pushed GDP above the level at the end of 2019, before the coronavirus hammered activity.
Among developed economies, Korea’s recovery appears the fastest and the milestone of recovering all output lost during the pandemic came a quarter earlier than expected, the finance ministry said in a statement. China exceeded that level already in 2020, while the U.S. is on track to reach the mark sometime this year.
Korean Economy Joins China in Surpassing Pre-Pandemic Peak
Bloomberg 2 hrs ago
(Bloomberg)
South Korea led the developed world to join China in exceeding the size of its pre-pandemic economy, as investment and exports helped it expand faster than expected.
Gross domestic product grew 1.6% during January-March from the previous quarter, the Bank of Korea said Tuesday, easily beating economists’ consensus for a 1.1% expansion. That pushed GDP above the level at the end of 2019, before the coronavirus hammered activity.
Among developed economies, Korea’s recovery appears the fastest and the milestone of recovering all output lost during the pandemic came a quarter earlier than expected, the finance ministry said in a statement. China exceeded that level already in 2020, while the U.S. is on track to reach the mark sometime this year.