US eco­nomic growth just 0.5pc in Q1

Pakistan Observer - - ECONOMY WATCH -

WASH­ING­TON—The US econ­omy grew at a slow­erthan-ex­pected rate of just 0.5 per­cent in the first quar­ter ham­pered by slug­gish con­sumer spend­ing, the Com­merce Depart­ment said Thurs­day.

It was the weak­est growth since the first quar­ter of 2014, and fol­lowed a mod­est 1.4 per­cent in the fi­nal three months of 2015, paint­ing a pic­ture of weak mo­men­tum in the world’s largest econ­omy head­ing into the sec­ond quar­ter. The ex­pan­sion of gross do­mes­tic prod­uct, a broad mea­sure of eco­nomic out­put, came in much be­low the 0.9 per­cent an­nual rate ex­pected by an­a­lysts.—AFP

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