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US economy grows by 2pc in first quarter
US economy grows by 2pc in first quarter
Houston, 30 April (Argus) — The US economy grew at an annual rate of 2pc in the first quarter, led by government spending and investments in the artificial intelligence (AI) buildup. Growth in gross domestic product (GDP), in the first of three estimates, followed seasonally adjusted annual growth of 0.5pc in the fourth quarter of 2025, during the 43-day federal government shutdown, the Bureau of Economic Analysis (BEA) reported Thursday. GDP growth averaged 2pc in 2025. Economists surveyed by Trading Economics had forecast 2.3pc growth for the first quarter. "The big picture is that growth already was sluggish ahead of the energy shock, with the economy's underlying momentum anemic outside the continued surge in AI-related capex," Pantheon Macroeconomics said in a note. Growth in the first quarter reflected upturns in government spending, exports and investment that were partly offset by a deceleration in consumer spending. Consumer spending rose by 1.6pc in the first quarter following growth of 1.9pc in the fourth quarter. Spending on private investment rose by 8.7pc following 2.3pc growth in the fourth quarter. Spending on equipment rose by 17.2pc and spending on intellectual property products rose by 13pc, both parts of the AI buildout. Residential investment spending fell by 8pc, reflecting the ongoing slump in housing construction. "Recent indicators suggest that economic activity has been expanding at a solid pace," Federal Reserve chairman Jerome Powell said Wednesday in his last press conference as head of the central bank. In the near term, higher energy prices due to the war in the Middle East will push up overall inflation, he said. "Beyond that, the scope and duration of potential effects on the economy remain unclear," Powell said. Net exports weighed on GDP growth, with exports rising by 12.9pc, while imports, which subtract from growth, rose by 21.4pc. Federal government spending rose by 9.3pc in the first quarter after falling by 16.6pc in the fourth quarter on the government shutdown. Defense spending grew by 20.3pc in the first quarter after falling by 24pc in the fourth quarter. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Philippines' agriculture sector braces for El Nino
Philippines' agriculture sector braces for El Nino
Singapore, 30 April (Argus) — Philippines' Department of Agriculture (DA) is rolling out a preparedness plan to mitigate agricultural disruptions in the latter parts of 2026, when moderate-to-strong El Nino conditions are likely, the DA said in a 29 April press release. El Nino will bring warmer and drier weather to the country, reducing rainfall and in some cases causing drought that could undermine agricultural output. Drier conditions could curb fertilizer demand in the Philippines, one importer told Argus . Fertilizer application and offtake largely depend on rain, but reduced rainfall from El Nino may limit demand. The Philippines last faced a strong El Nino event in 2024, when drought cut rice output and supported the country's rice imports. It imported 4.8mn t of rice that year, which is the highest in at least the last decade and up by 32pc from 2023, according to Global Trade Tracker (GTT) data. Assessing current irrigation systems and identifying the most vulnerable areas would be an integral part of the DA's preparedness plan. It is also looking to ensure that sufficient drought-tolerant seed varieties and fertilizers are available to farmers, and provide irrigation support when needed, along with economic aid to farmers in terms of crop insurance, credit access and market facilitation. By Hui Xuan Lek Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Forest loss fell in 2025, but from record high: Report
Forest loss fell in 2025, but from record high: Report
London, 29 April (Argus) — Tropical rainforest loss declined in 2025, albeit from a record high rate, according to data from the University of Maryland via non-profit World Resources Institute's (WRI) Global Forest Watch platform. Tropical forest loss fell by 36pc on the year in 2025, although 2024 marked a record high level, with fires the main cause, Global Forest Watch data show. The world lost 4.3mn hectares of tropical primary rainforest in 2025, down from 6.7mn ha in 2024. Although the rate of forest loss declined on the year, it remains 46pc higher than a decade ago, Global Forest watch data show. The drop in tropical forest loss "is encouraging — it shows what decisive government action can achieve. But part of the decline reflects a lull after an extreme fire year. Fires and climate change are feeding off each other… investments in prevention and response will be critical as extreme fire conditions become the norm", Global Forest Watch co-director Elizabeth Goldman said. Global tree cover loss in 2025 stood at 25.5mn ha, down from 30mn ha in 2024. Tree cover loss includes primary and secondary forests, and tree plantations, and does not account for gains in tree cover over the same period. Fires accounted for 42pc of tree cover loss overall in 2025, WRI said. Global Forest Watch focuses on tropical primary forests, as that is where 94pc of deforestation — purposeful, long-term removal of forest — occurs. Mature tropical forests are key natural carbon sinks, as well as crucial for biodiversity and regulating regional and local climate. Countries including Brazil, Colombia, Indonesia and Malaysia "reduced or at least stabilised their forest loss in 2025", owing to "changes in policy, improved law enforcement and voluntary corporate actions to limit forest clearing", Global Forest Watch said. Brazil "substantially reduced" its primary forest loss in 2025, and the country experienced its lowest level of "non-fire" primary forest loss on record, the data show. The decrease in forest loss is linked to President Luiz Inacio Lula da Silva's strengthened environmental policies and enforcement of these. Brazil, which hosted the UN Cop 30 climate summit in November, used the event to put deforestation in the spotlight. It launched a fund, the Tropical Forests Forever Facility , which aims to curb deforestation by paying developing countries $4/ha for preserved tropical forests, and called for proposals for two roadmaps , on ending deforestation and phasing out fossil fuels. The Cop 30 presidency received 177 submissions for the deforestation roadmap, representing over 140 countries, it said this week. Data from non-profit Global Canopy earlier this month suggested that EU regulation is already having an effect on action to tackle deforestation, even though it is yet to come into force. University of Maryland and Global Forest Watch data start in 2001. The organisations' reports use the term forest loss rather than deforestation, as it is not always possible to determine the causes. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Drought risks southeast US organic corn planting
Drought risks southeast US organic corn planting
Minneapolis, 28 April (Argus) — Drought conditions are worsening across much of the US southeast as of the week ended 23 April, which threatens to delay organic corn planting in a tight market. The organic corn Argus Organic Drought Index (AODI) worsened by 44 points or more from a year earlier for Georgia, Florida, and Arkansas, which combined for over 73pc of US southeast organic corn acreage in 2025, Argus data show. The decline extended up the east coast, with the AODI for North Carolina reaching 69 in the latest week, up 51 points from a year earlier. The organic corn AODI weights drought data from the US Drought Monitor by organic corn operations in each county. It ranges from zero to 100, with 0 representing no drought and 100 representing catastrophic drought affecting all organic corn farms in the state. Conventional corn planting has already begun in the southeast and many organic farmers have prepared their corn fields for planting but are facing potential delays from the dry conditions in the soil. Delays in organic corn planting into late May or June could reduce yields and delay harvest in the fall. The southeast is not a significant producer of organic corn compared with the Corn Belt or High Plains, but the southeast's earlier harvest makes the region's harvest important for delivery in August through the first half of October. Despite the marketing year beginning in September, new crop supplies from the key production regions in and around the Corn Belt are normally not available until the second half of October because of the time needed to harvest and transport the grain to mills. Organic feed operations, especially poultry operations in the southeast, rely on the southeast harvest to bridge that gap. The US will carry over little, if any, organic corn into the 2026-27 marketing year, with few unsold stocks currently available east of the Mississippi river, market contacts said. Many end-users are still uncovered for the third quarter and a delayed or smaller harvest in the southeast will further increase organic corn demand in September. Few buyers have bought significant new crop organic corn supplies, market contacts said. Organic broiler production is continuing to grow on the east coast and southeast, driven by strong consumer demand for organic chicken, which could further increase feed demand in the region, market contacts said. There is still time for moisture to improve across the southeast ahead of planting, with the National Oceanic and Atmospheric Administration expecting at or above average rain in Georgia and Florida in the coming week. Farmers will look for strong rain followed by a drier period for an opportunity to plant. Moisture conditions improved across much of the Corn Belt, with Missouri being the only Corn Belt state to get worse from the prior year. The solid moisture conditions in the Corn Belt are supportive of the overall fall harvest. Current East Coast and Corn Belt new crop organic corn bids are several dollars below current spot prices, but any risks to supply would support new crop values. By Alexander Schultz Mid-April organic corn Argus Organic Drought Index Index Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.