7/26, 2:22 PM (Source: TeleTrader)
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Goldman revises down US GDP projections

The Goldman Sachs Group Inc. on Monday revised its gross domestic product (GDP) growth forecast for the third quarter of 2021 down by 1 percentage point to 8.5%.

Fourth-quarter GDP is also expected to come in 1 pp lower, at 5%, with the projection for the whole year now standing at 6.6%. The growth is seen slowing further in 2022, with the GDP in the second half of the year growing only by 1.5%-2.0%.

"We have long expected growth to peak in a mid-year boom fueled by vaccination and fiscal support. But the subsequent deceleration now looks likely to be a bit sharper because the goods-to-service rotation is likely to be less seamless," the investment giant said in its release.

Breaking the News / MD