Showing resilience

Economic activity in major developed countries was resilient in the second quarter of 2023, but there were some downward revisions from the previous estimates. Real gross domestic product growth rate for the United States (US) was revised down to an annualized 2.1% from 2.4%; for Japan, to 4.8% from 6%; and for the euro zone, to 0.1% from 0.3%.

Inflation rose in the US and China in August, but remained unchanged in the euro zone. Inflation remains well above the central bank targets, and hence, interest rates are likely to remain elevated for longer.