WASHINGTON - Economic growth in the US slowed strongly in the fourth quarter with the efforts of companies to reduce their excess inventories and the strong dollar and weak global demand weighing on exports.
The Gross Domestic Product (GDP) grew at an annual rate of 0.7 percent, the Commerce Department said on Friday, with lower oil prices continuing to undermine investment by energy companies and with atypical mild temperatures cutting consumer spending on services and clothing.
The growth rate was in line with economists' expectations but showed sharp slowdown compared to the 2 percent recorded in the third quarter. The economy grew 2.4 percent in 2015, following a similar expansion in 2014.
Reuters
The Gross Domestic Product (GDP) grew at an annual rate of 0.7 percent, the Commerce Department said on Friday, with lower oil prices continuing to undermine investment by energy companies and with atypical mild temperatures cutting consumer spending on services and clothing.
The growth rate was in line with economists' expectations but showed sharp slowdown compared to the 2 percent recorded in the third quarter. The economy grew 2.4 percent in 2015, following a similar expansion in 2014.
Reuters
