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US economic growth slows to 2.3% in Q1
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IANS | 28 Apr, 2018
The US economy grew at an annual
rate of 2.3 per cent in the first quarter of the year, lower than the
2.9-per cent growth rate in the previous quarter, the US Commerce
Department reported on Friday.
The deceleration of growth in the
first quarter mainly reflected a slowdown in personal consumption
expenditures, residential fixed investment, exports, and state and local
government spending, Xinhua reported citing the US Commerce Department.
Personal consumption expenditures, which account for more
than two thirds of the overall economy, grew at an annual rate of 1.1
per cent in the first quarter, down from 4 per cent in the previous
quarter.
It seems that Americans were reluctant to increase
spending in the first quarter, despite the US Congress passed a
$1.5-trillion tax cut package by the end of last year.
The
personal saving rate was 3.1 per cent in the first quarter, compared
with 2.6 per cent in the previous quarter, according to the department.
Non
residential fixed investment, a measure of corporate spending on
structures and equipment, grew at 6.1 per cent in the first quarter,
down from 6.8 per cent in the previous quarter.
Residential
investment was also flat in the first three months of the year, possibly
due to winter storms and higher short-term interest rates, according to
analysts.
While the Donald Trump-led administration has vowed
to accelerate annual US economic growth to over 3 per cent, the Federal
Reserve last month expected US economy to expand at 2.7 per cent for the
whole year 2018.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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