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 | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |