Home World Economy US economy slows sharply in the first quarter

US economy slows sharply in the first quarter

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Tesla factory, Freemont CaliforniaImage copyright Reuters

The US economy slowed down dramatically in the first three months of the year.

GDP expanded at an annual rate of 0.7% in the first quarter, which was a sharp slowdown from the 2.1% growth rate in the final three months of 2016.

However, in recent years GDP growth has typically been sluggish in the first quarter, but has picked up later in the year.

Lower levels of government spending and private investment were behind the fall, the official data showed.

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