// IP Marketing video - START// IP Marketing video - END

U.S. economy suffers worst performance for five years

U.S. economy suffers worst performance for five years

PanARMENIAN.Net - The U.S. economy suffered its worst performance for five years in the first quarter of 2014, latest figures show, according to BBC News.

The economy shrank at an annualized rate of 2.9% in the first three months of the year, the third estimate from the U.S. Commerce Department showed.

This was worse than the previous estimate of a 1% contraction, and also worse than economists' expectations for a fall in GDP of 1.7%.

The unusually cold weather in the quarter has been blamed for the fall.

The gap between the second and third estimates of U.S. growth for the quarter is the largest on record.

The latest revision came as a result of a weaker pace of healthcare spending than previously assumed, which caused a downgrading of the consumer spending estimate.

Trade was also a bigger drag on the economy than previously thought.

Despite the worse-than-expected figures, more recent unemployment, manufacturing and service sector data all point to a sharp turnaround in the second quarter.

 Top stories
The financing will be directed to energy efficiency, renewable energy, agribusiness, food processing, education and healthcare projects.
Gazprom supplies gas to Armenia through Georgia, but the transit agreement expires at the end of 2016, and Gazprom is keen to reduce the fee.
A proposal made at a Cabinet session suggested that the watchdog apply differentiated rates for natural gas and electricity.
The M6 highway is a vital link connecting Armenia with Georgia and beyond, providing the shortest link between the respective capitals.
Partner news