U.S. Economy Grew at Weak 1.9 Percent Rate

  • 2/5/2023
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Washington, Jumada II 1, 1438, Feb 28, 2017, SPA-- The U.S. economy grew at a weak 1.9 percent rate in the fourth quarter, which was unchanged from an initial estimate, the government said Tuesday. The Commerce Department reported that the increase in gross domestic product (GDP) represented a significant slowdown from 3.5 percent growth recorded in the third quarter. The fourth quarter figure was unchanged from the first estimate a month ago, but some components were revised. Consumer spending, for instance, grew at a faster rate. But spending by state and local governments and business equipment purchases were weaker. Overall, growth for 2016 was just 1.6 percent, the poorest showing in five years. --SPA 21:15 LOCAL TIME 18:15 GMT www.spa.gov.sa/w342888

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