Economic news

Review: Economic growth in the United States revised upward

The economic slowdown in the United States was less than previously reported in Q4, as the momentum in consumer spending, partially offset the largest increase in imports in two years.

Gross domestic product (GDP) grew at a 2.1% annualized rate instead of the preliminary estimates of 1.9% as reported by the Commerce Department on Thursday, during the third GDP estimate.

The economy grew at a 3.5% in Q3. Despite the revision in Q4, the economy grew only 1.6% in 2016 and it was the worst performance since 2011, after rising 2.6% in 2015.

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