#GDP growth

#GDP growth

Its GDP growth rate of almost 3% in 2024 put it ahead of the overall EU rate of 1%, as well as the bloc's two largest economies France and Germany. France recorded a rate of 1.2% while Germany suffered a -0.2% contraction. The signs for 2025 are also positive. Poland recorded growth of 0.8% in the second quarter, the fifth best rate in the EU.

Bessent criticized the weak jobs data released Friday, extending recent administration claims that the numbers aren't correct and haven't been collected properly. (Trump fired the commissioner of the Bureau of Labor Statistics after the August report, and said without evidence that the BLS rigged the data against him.) "President Trump was elected for change, and we are going to push through with the economic policies that are going to set the economy right," Bessent said. "I believe by the fourth quarter we are going to see a substantial acceleration."

Researchers at Pantheon Macroeconomics found that AI-related spending accounted for a 0.5 percentage point difference in annualized GDP growth for the first half of the year.

The S&P 500 is up 10% year-to-date, powered by the 'Magnificent Seven' tech giants whose foreign-heavy revenues are being boosted by the weaker dollar. Concentration in the top 10 stocks is at its highest since the 1960s, with earnings strength - 83% of companies beating estimates - driving sentiment.

One major drag is Russia's exorbitantly high interest rate, currently 21%, which is choking off private investment. The auto industry and mechanical engineering sectors are particularly hard hit.

Bret Baier mentioned the economic contraction concerns while discussing President Trump's claims about the new trade agreement with China, emphasizing its incompleteness.

"If current trends hold, average global growth for the 2020s would reach just 2.5 per cent - making this the worst-performing decade for the world economy since the 1960s."

Germany's economy unexpectedly grew 0.2% in the first quarter, potentially easing the transition for new Chancellor Friedrich Merz amidst ongoing concerns about US tariffs.

California's economy has now surpassed India and Japan, officially making it the fourth-largest economy globally, showcasing the state's diverse and booming sectors.

Economic growth in China accelerated to 5.4% in Q1 2023, surpassing the expected 5.1% due to strong industrial output and exports, impacting response to U.S. tariffs.