Loading...
See More

US economy shrinks in fourth quarter

Jan 30 2013 20:14 AFP
US Flag


Related Articles

Americans feel bite as pay tax rises

US jobless claims rise

Obama warns Congress of economic chaos

US consumer sentiment hits record low

US consumer sentiment hits record low

US could lose gold-chip rating

 

Washington -The US economy contracted at a rate of 0.1% in the fourth quarter, according to the government's first estimate on Wednesday.

But the economy expanded overall a modest 2.2% for the full year in 2012, a gain from 1.8% in 2013, the Commerce Department said.

The fourth quarter estimate was lower than forecast, but came after a strong 3.1% pace in the third quarter.

"The downturn in real GDP in the fourth quarter primarily reflected downturns in private inventory investment, in federal government spending, in exports, and in state and local government spending," the department said.

It stressed that the first estimate of GDP growth is based on incomplete data and is often revised.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

united states  |  economy

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The upcoming electricity and fuel price hikes will:

Previous results · Suggest a vote

Loading...