US GDP unexpectedly shrank by 1.4% on an annualised basis in the first quarter of 2022, below expectations of 1% growth and down from 6.9% in the fourth quarter of 2021. The US Bureau of Economic Analysis reported today that GDP had shrank for the first time since mid-2020 amid ongoing supply chain disruptions and rising inflation. The report stated that the decline had mainly been due to decreases in private inventory investment, a decrease in exports and an increase in imports, which overall contributed 4% to the decline. The US trade deficit widened to a record high in March, th...
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