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US economic growth slows to 0.2% in Q1

by ChemOrbis Editorial Team -
  • 29/04/2015 (17:16)
According to a report released by the US Commerce Department, growth in the US economy slowed in the first quarter of 2015. The country’s gross domestic product (GDP) increased 0.2% in the first three months after growing 2.2% in the last quarter of 2014. First quarter GDP growth fell below economists’ forecasts, which called for a growth rate of 1% in a survey conducted by Thomson Reuters.

The deceleration in US economic growth was attributed to lower exports linked to a stronger dollar as well as slower growth in major overseas economies, especially in Asia.

The report showed that consumer spending slowed to 1.9% in the first quarter compared with a gain of 4.4% in the last quarter of the previous year. The country’s exports fell 7.2% after growing 4.5% in the previous quarter while imports rose 1.8% compared with 10.4% in the same period of 2014.
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