America's Heavy machinery company Caterpillar posted 25 percent jump in revenue in the third quarter on Tuesday, thanks to synchronized economic expansions all around the world.
Sales in North America, Caterpillar's biggest market, rose by 27 percent in the third quarter ended Sept. 30, while sales in Asia Pacific region ballooned by 31 percent thanks to huge demand from China. Sales in Europe, Africa and the Middle East jumped by 22 percent, and sales in Latin America rose by 24 percent.
Products of Caterpillar are wildly used in construction and mining industries, which are highly associated with overall economic performance. The Deerfield, an Illinois-based company, projected 2017 sales of 44 billion U.S. dollars, marking a third straight increase in annual revenue forecasts.
The sales report from Caterpillar is the latest sign of synchronized economic expansions all around the world. In its latest World Economic Outlook, the International Monetary Fund (IMF) raised its forecast of growth rate of the world economy in 2017 to 3.6 percent.
"We see an accelerating cyclical upswing boosting Europe, China, Japan, and the United States, as well as emerging Asia," IMF chief economist Maurice Obstfeld said, adding that the current global acceleration is notable "because it is broad-based more so than at any time since the start of this decade."
"We've got pretty good economic growth all over the world," David Solomon,
president of Goldman Sachs Group Inc., told Bloomberg Television on Tuesday. "The expectation for growth was not as strong as growth has actually come in."
Sales in North America, Caterpillar's biggest market, rose by 27 percent in the third quarter ended Sept. 30, while sales in Asia Pacific region ballooned by 31 percent thanks to huge demand from China. Sales in Europe, Africa and the Middle East jumped by 22 percent, and sales in Latin America rose by 24 percent.
Products of Caterpillar are wildly used in construction and mining industries, which are highly associated with overall economic performance. The Deerfield, an Illinois-based company, projected 2017 sales of 44 billion U.S. dollars, marking a third straight increase in annual revenue forecasts.
The sales report from Caterpillar is the latest sign of synchronized economic expansions all around the world. In its latest World Economic Outlook, the International Monetary Fund (IMF) raised its forecast of growth rate of the world economy in 2017 to 3.6 percent.
"We see an accelerating cyclical upswing boosting Europe, China, Japan, and the United States, as well as emerging Asia," IMF chief economist Maurice Obstfeld said, adding that the current global acceleration is notable "because it is broad-based more so than at any time since the start of this decade."
"We've got pretty good economic growth all over the world," David Solomon,
president of Goldman Sachs Group Inc., told Bloomberg Television on Tuesday. "The expectation for growth was not as strong as growth has actually come in."
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