U.S. economy suffers worst performance for five yearsJune 25, 2014 - 17:27 AMT 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. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |