World News: 09:44 GMT Wednesday 15th May 2019. [Yahoo Business News Feed via SPi World News]
More cautious spending on everything from shampoo to cars and travel threaten to weaken what’s been the backbone of the economy, contributing about three-fifths of gross domestic product. The pullback has acted as a drag on growth, which is predicted to have slowed for a fourth consecutive quarter to 6.5% in the three months to March, the weakest pace since mid-2017 and almost on par with China. While official GDP numbers for the March quarter are due May 31, high-frequency data for services and manufacturing point to activity slowing with industrial production contracting in March for the first time in nearly two years.
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