US Growth Slowed in Fourth Quarter to Annual Pace of 1.9 per cent

Washington, The US economy grew in the October-December quarter at an annual pace of 1.9 per cent, slowing sharply from the third quarter of 2016 due in part to a decline in exports and surging imports, according to the Commerce Department’s initial estimate.

After a slowing expansion in the first half of 2016, US economic growth had surged to an annualized 3.5 per cent in the July-September period, the fastest quarterly pace in two years.

In the fourth quarter, higher business investment and inventories, housing construction and state and local government spending contributed to growth. A fall in exports, a jump in imports and slower federal government spending weighed on growth.

Gross domestic product in the world’s largest economy was estimated at 18.86 trillion dollars.

Source: Qatar News Agency