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The Latest Breaking News from GDP

UK economy shrinks by 0.2% in move expected to be start of a major recession

GDP fell by 0.2% in the three months to September as services, production and construction industries all slowed down - and Jeremy Hunt warned of 'extremely difficult decisions' in the Autumn budget

Daily Mirror

UK teetering on brink of recession Jeremy Hunt warns it will get even tougher

Recession on way as the big slowdown hits growth

Evening Standard

FTX files for US bankruptcy protection, CEO Bankman-Fried resigns – as it happened

Cryptocurrency exchange FTX starts bankruptcy proceedings in US and Sam Bankman-Fried is resigning as chief executive officer

The Guardian - UK

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All the unpaid labor women did during the COVID recession might have saved us from an economic crisis

Unfortunately, it's also contributing to the gender wage gap.

Fortune

Australia's record on energy efficiency has been woeful for decades, but that could be about to change

Over many years, Australia has barely increased the efficiency of its energy use. Energy consumption per dollar of GDP decreased by an average of only 1% per year from 2002-03 to 2018-19. Over the same period, energy consumption per person actually increased by an average of 0.2% per year.

The Conversation

Londoners brace for a long recession and numbers out on Friday could be the start of it

Attention in the boardrooms and cab ranks of the capital turns to looming GDP readout

Evening Standard

You can’t eat GDP: why Australian households are in for a massive, historic hit

Very smart people are nodding and suggesting the economy needs to slow to get inflation under control and, well, damn the consequences

The Guardian - AU

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Climate crisis will have huge impact on Africa’s economies, study says

As Cop27 discusses climate finance, report says continent’s GDP growth could fall by two-thirds this century

The Guardian - UK

Saudi Arabia Largest Donor to Humanitarian Effort in Yemen

Saudi Arabia has been Yemen's largest donor since the beginning of the war launched by the Houthi militia, with 30 percent of the total aid provided to the country, according to data issued by the Yemeni government and the United Nations. The data showed that the development financing gap widened…

Asharq Al-Awsat

Jordanian Industry Sees 3.8% Growth in 2022

The Chairman of the Amman Chamber of Industry (ACI), Engineer Fathi Al-Jaghbir, said that the Jordanian industry showed an unprecedented performance since the beginning of 2022, recording a 3.8 percent growth rate compared to the same period last year. Exports were estimated at 3 billion dinars. “This rate is considered…

Asharq Al-Awsat

Is the US already in a recession? Economists and biz leaders disagree

Most Americans think the U.S. is in a recession right now.

Tribune News Service

Crown Prince Launches Ceer, the 1st Saudi Electric Vehicle Brand

Crown Prince Mohammed bin Salman bin Abdulaziz launched on Thursday Ceer, the first Saudi electric vehicle brand that will contribute to Saudi Arabia’s automotive manufacturing sector. The Crown Prince is also the Saudi Prime Minister and Chairman of the Public Investment Fund (PIF). “Saudi Arabia is not just building a…

Asharq Al-Awsat

Fisher: China’s Economy Can Weather a Global Recession — if One Even Hits

History shows Chinese growth can persist despite pockets of weakness and recession elsewhere

Caixin Global

Bank of Thailand still upbeat despite headwinds

The Thai economy will face more challenges next year amid global uncertainties, but its recovery remains on track, according to a Bank of Thailand (BoT) executive.

Bangkok Post

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Bangkok Post

Thailand's digital GDP skyrockets to B2tn in 2021

Thailand's digital GDP reached 2 trillion baht in 2021 after posting year-on-year growth of 14.1%, according to a study by the Office of the National Digital Economy and Society Commission (ONDE).

Los Angeles Times

California could soon rise to the world's 4th-largest economy

California has long faced criticism for driving away business and workers, due to high taxes and prices and tough regulations.

Reuters

Sweden's supreme commander says defence spending to reach 2% of GDP by 2026

Rising prices and a weak currency mean Sweden will reach the NATO target for defence expenditure of 2% of GDP by 2026, two years earlier than previously planned, Sweden's supreme commander said on Tuesday.

Asharq Al-Awsat

IMF: Diversified Gulf Economy Improves Financial Balance

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF). The IMF said in its latest report that higher oil and gas…

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AFP

Italy surprise GDP jump comes as new PM Meloni prepares budget

Milan (AFP) - Italy posted better-than-expected quarterly growth on Monday, a surprise bump for new Prime Minister Giorgia Meloni that staves off -- for now -- an expected recession in Europe's third-largest economy.

Tribune News Service

Allison Schrager: We should just accept we’re going to have a blah economy

This economy can’t go on forever. GDP may still be growing, but it’s at an anemic rate. And other indicators are piling up that suggest a recession is imminent: The yield curve is inverting, hiring and house price growth is slowing and Philadelphia may win the World Series.

The Guardian - US

Ignore US government economic figures – base your decisions on actual data

The US reported the GDP bounced back – but at best it’s preliminary data that’s revised multiple times. Info from the top two payroll services are a better bet

The Guardian - UK

Satellite pictures shine light on the nations that inflate their GDP

Authoritarian regimes can be seen to be manipulating their economic growth rates to a greater extent than democracies

Tribune News Service

Commentary: GDP gives hope to Democrats but not many others

The rebound in U.S. gross domestic product in the third quarter comes as a welcome surprise for Democrats heading into midterm elections, potentially putting to rest the notion that the country is already in a recession. But for workers and investors, the report isn’t quite so reassuring.

Benzinga

New Home Sales Hampered By Q3 GDP: Does This Indicate The Fed's Plan Is Working?

As the U.S.

StockNews.com

Here Are 3 Stocks to Buy Under $50 in Q4

Although the stock market has been under pressure this year, many believe bulls will overtake the bears in 2023. Moreover, the U.S. economy’s third-quarter GDP surpassed growth estimates, easing recession fears to some extent. Therefore, this could be the right time to scoop up quality stocks Pfizer (PFE), Ryerson Holding…

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