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US economic growth slows in Q4

by ChemOrbis Editorial Team -
  • 02/02/2015 (11:32)
According to media reports, the US economy grew at a slower pace than expected in the fourth quarter of 2014. The country’s gross domestic product (GDP) rose 2.6% in the October- December period of the previous year after growing by 5% in the previous three months. Economists’ initial estimates called for a growth rate of 3.2% for the final quarter of 2014.

The larger than expected slowdown in economic growth was attributed to lower exports as well as a decrease in federal government spending and slower non-residential fixed investment. According to a report released by the US Commence Department, the country’s exports increased 2.8% in the final quarter of previous year while imports surged 8.9%.

Meanwhile, the report also showed that the US economy expanded 2.4% in the full year of 2014 to post the fastest growth since 2010.
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