Forecasts for growth lower

FORECAST for US economic growth are coming in slightly lower after a weak first quarter, according to a survey of business economists released yesterday. The National Association for Business Economists says it is expecting gross domestic product (GDP) growth of 2.2 percent this year and 2.4 percent in 2018. Those forecasts are down 0.1 percentage points from a survey in March. The survey is based on responses from 52 professional forecasters. The GDP – the broadest gauge of the economy – expanded in the January-March quarter at a 1.2 percent annual rate. Warm weather was one reason for the slow growth, since it limited spending on utilities. Economists forecast GDP growth will rise 3.1 percent in the April-June period and 2.5 percent in the second half of the year. – AP