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The Australian Bureau of Statistics reported a slowdown in the Australian economy in the first quarter to a ten-year low. Growth relative to the same period last year was 1.8% and coincided with the forecasts of experts. Compared with the previous quarter, GDP increased by 0.4% against the expected growth of 0.5% by economists. The main negative factors that caused the weakening of economic growth were low consumer spending and a slowdown in the global economy amid intensified trade disputes. Growth in consumer spending for the quarter slowed to 0.3% from 0.4%, and the savings rate rose to 2.8% from 2.6%. Government spending, mainly aimed at the implementation of social programs, increased by 0.8%. A 2.5% decrease in investment was recorded in the housing sector, while a decrease in capital investment in fixed assets was at the level of 0.7%. Exports increased by 1%, imports declined by 0.1%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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