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Monday, September 2, 2024

Is the US fudging its GDP growth? Let's look at the prima facie evidence.

In the past, China was accused of fudging its economic growth when its GDP was growing at a burgeoning rate whilst its electricity power consumption was falling.  This was an uncanny phenomenon because China was a manufacturing hub and producing goods for the global suppliers.

Now, the US seems to be following the China's path.  The US GDP growth grew from 1.9% in 2022 to 2.5% in 2023 while its electricity power consumption had fallen by 2%.  This was also an uncanny phenomenon because EVs had been popularised and IEA had stated that the power consumption drop was due to the slower economic growth.  However, the US had pronounced a higher economic growth for 2023 instead.  Can we still trust the US economic statistics for 2024?

US GDP for 2022 & 2023 (1.9% vs 2.5%)

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