US economic growth data disappointing
A new report confirms a picture of the sluggish growth of the US economy in 2016 with the world's largest economy growing at its slowest pace in five years.
The data by the US Commerce Department showed consumers had spent slightly more than originally believed but this was offset by downward revisions in government spending and business fixed investment.
“The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, residential fixed investment, nonresidential fixed investment, and state and local government spending. These increases were partly offset by negative contributions from exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased,” the Commerce Department said.
The data are released as US President Donald Trump is set to address a joint session of the Congress on Tuesday with many around the world waiting for details on his administration's economic policy agenda.
According to the official data, US gross domestic product grew by 1.6 percent in 2016, down from 2.6 percent in 2015 and the slowest pace recorded since 2011.
Economic revival was a touchstone of Trump’s presidential campaign but as figures show he is now facing huge challenges to deliver his economic promises.
Last week, US Treasury Secretary Steven Mnuchin pulled back from Trump's growth targets, saying the new administration's expansionary policies should lead to three percent growth by the end of next year.
Pakistan says Iran's gas project ‘need of the hour’, pushes for US sanctions waiver
Israeli economy plunges almost 20% as Gaza war takes heavy toll
IMF to urge China to shift growth model towards consumption
The struggles of Occupied Palestine
Ayatollah Khamenei exalts great Persian poet on Saadi Day
Iran’s Civil Defense examines country’s preparation for potential threats
FBI chief: Chinese hackers targeting critical US infrastructure
New York Times leaked memo on Gaza coverage reveals obfuscation of facts
VIDEO | Press TV's news headlines
Barbados officially announces recognition of Palestine as state
US Senate reauthorizes surveillance bill despite privacy concerns
This makes it easy to access the Press TV website
