US Q4 Growth Revised Upward to 2.1% in Final Estimate

The US economy grew faster than initially estimated in the final months of 2016, according to the latest official figures.

The economy grew at an annualised pace of 2.1% in the fourth quarter of the year, the Commerce Department said, up from an earlier estimate of 1.9%.

However, the revision did not alter the growth rate for the whole of 2016, which remained at 1.6%.
Last year’s growth rate was the slowest since 2011.

The upward revision for the final three months of 2016 was partly due to stronger consumer spending.
However, the revised growth rate for the quarter was still a marked slowdown from the 3.5% annual rate achieved in the previous three months.

President Donald Trump has promised to lift GDP growth to 4%, through tax cuts and infrastructure spending.
The last time that America’s economy grew at that rate was in 2000, the year of the dotcom boom, when it expanded by 4.1%.

via BBC

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