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US economy grows slower than expected in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 29/04/2016 (16:58)
According to data from the US Commerce Department, the country’s gross domestic product (GDP) grew at a slower than expected pace in the first quarter of this year. The US economy grew by 0.5% in the first quarter compared with 1.4% growth in the last quarter of 2015, indicating the weakest growth in two years. Weaker than expected growth was attributed to slowing consumer spending, lower business investment and declining exports.

Economists had expected the US economy to grow by 0.7% in the first quarter. Posted GDP growth indicated the weakest performance since early 2014, when US GDP contracted by 0.9%. Business spending fell by 5.9% on the back of cost cutting measures in the energy sector while consumer spending growth also fell to 1.9% from 2.4%. Exports also fell by 2.6%. A slowdown in the economic recovery might affect the Fed’s decision to implement a second rate hike this year.
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