US GDP revised lower on weaker consumer spending in fourth quarter

US economic growth in the fourth quarter was weaker than previously estimated, reflecting a downward revision to consumer spending. Inflation-adjusted gross domestic product (GDP) increased at a 2.7 per cent annualised rate during the period, Commerce Department data showed on Thursday. The figure compares with a previously reported 2.9 per cent advance.

German economy shrinks 0.4%

The German economy contracted more strongly than expected in the final three months of 2022, as inflation and the energy crisis took their toll on household consumption and capital investment. The economy shrank by 0.4 per cent in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday.