The U.S. economy shrank for a second quarter in a row as gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. In the first quarter GDP decreased at an annual rate of 1.6%.
The International Monetary Fund (IMF) lowered its economic growth forecast for 2022 and 2023 for Australia, seeing its Gross Domestic Product growing by 3.8% in 2022, and by 2.2% in 2023, a downward revision from the previous projections of 4.2% and 2.5%, respectively.
The French economy grew 0.5% in the second quarter from the preceding quarter, when the economy shrank 0.2%, the first estimate published by the statistical office Insee showed on Friday. GDP was forecast to grow 0.2%. In a separate release Insse said the Consumer Price Index (CPI) rose 6.1% in July, up from June’s annual inflation rate of 5.8%.
Hong Kong’s central bank raised its benchmark base rate on Thursday, following the decision of the US Federal Reserve to lift the rate by 75 basis points. The Hong Kong Monetary Authority adjusted the Base Rate by 75 basis points to 2.75 percent with immediate effect.