LONDON – The UK’s economy remained the slowest growing major economy on the planet in the fourth quarter of 2017, data from the Office for National Statistics (ONS) released on Thursday shows. Britain’s Gross Domestic Product (GDP) grew 0.4% in the quarter, according to the ONS’s third estimate of growth. That was unchanged from the statistical agency’s second reading in February. On an annual basis, GDP grew by 1.4% on a year-to-year basis in the quarter, once again unchanged from February. Services, the dominant sector of the UK economy, accounted for the majority of growth over the data period. Services account for roughly 80% of UK output. “Economic growth at the end of last year was unrevised with services and manufacturing continuing to drive growth,” the ONS’ Head of National Accounts, Rob Kent-Smith said in a statement. The data means that the UK remains at the bottom of the G7 growth tables, making it the slowest growing major … [Read more...] about Britain remains the slowest growing major economy on earth
Economy
Trump keeps backing down from his worst impulses — and it could be great news for the economy
caption President Donald Trump source Joe Raedle/Getty Images President Donald Trump has fallen into a cycle of backing off initial tough talk on trade fights. The easing of Trump’s new tariffs on both China and metals could be a positive sign for the US economy. A familiar pattern is emerging in President Donald Trump’s highly publicized moves on trade in recent weeks: Trump announces tariffs in dramatic fashion at the White House, only to back off in the days and weeks that follow. “President Trump is, for many, the big bad wolf,” Fraser King, an analyst at Citi, said in a note to clients on Monday. “But unlike the Grimm fairy tale, he huffs and he puffs, but he rarely blows the house down.” The posturing has led to days of seesawing in the markets. On Tuesday, for instance, the Dow Jones industrial average fell more than 350 points amid fears of a Trump administration crackdown on … [Read more...] about Trump keeps backing down from his worst impulses — and it could be great news for the economy
South Korean economy hit speed bump in fourth quarter, central bank sees 3% 2018 growth
South Korea’s economy marked its worst quarterly performance since 2008 in October-December. Reuters SEOUL – South Korea’s economy marked its worst quarterly performance since 2008 in October-December as weakness in car exports and construction overshadowed strength in consumption and public spending, revised central bank data showed on Wednesday (March 28). Gross domestic product declined 0.2% in the fourth quarter, matching advance estimates. That compared to a revised 1.5% rise in the third quarter of 2017 and was a big step down from the blistering pace seen in the first half of last year. Construction investment fell by 2.3% on-quarter, while private spending and government expenditure increased 1.0% and 0.5% from three months earlier, respectively. From a year earlier, South Korea’s economy grew 2.8% in the October-December period, the Bank of Korea data showed, missing the advance estimate of 3%. The result is a disappointment for the bank, which raised … [Read more...] about South Korean economy hit speed bump in fourth quarter, central bank sees 3% 2018 growth
Global Economy Seen Rising but Protectionism Could Curtail It, Reports Say
The global economy is going strong and the general outlook is bright, but global risks like protectionist measures are also on the rise and threaten to curb momentum, according to two new economic reports. The March “World Forecast Flash” from Global Insight by IHS Markit, written by chief economist Nariman Behravesh and executive director for global economics Sara Johnson, noted that, “A year ago, IHS Markit said the outlook was brighter and the risks higher than in early 2016. Today, the outlook is brighter still than in early 2017, but the risks are also higher.” After a 3.2% expansion in 2017, the report said global real gross domestic product (GDP) is forecast to rise 3.4% in 2018 and 2019, followed by 3.2% growth in 2020. From 2017 to 2020, the world economy is expected to see the strongest back-to-back growth rates since the mid-2000s, it noted. “Yet, risks to the expansion have risen in recent months,” the economists wrote in their … [Read more...] about Global Economy Seen Rising but Protectionism Could Curtail It, Reports Say
A key player in China and the EU’s ‘third industrial revolution’ describes the economy of tomorrow
Jeremy Rifkin is an adviser to the EU leadership and that of the People’s Republic of China. He was an adviser to German Chancellor Angela Merkel on the third industrial revolution. He is a principal architect of the EU’s long-term third industrial revolution economic vision called Smart Europe and is advising the European Commission on the deployment of the plan across the continent. Rifkin is also a principal architect of China’s third industrial revolution vision and an adviser to government agencies on the deployment of the China Internet Plus transformation underway in the 13th Five-Year Plan. Rifkin is president of the TIR Consulting Group, which works with regions across Europe to conceptualize, build out, and scale third industrial revolution infrastructure. He is also a lecturer at the Wharton School’s Executive Education Program. Business Insider spoke with Rifkin about the challenges and opportunities associated with the “third industrial … [Read more...] about A key player in China and the EU’s ‘third industrial revolution’ describes the economy of tomorrow