Economy of United States shows growth rate of 2.1%
The economy of United States has grown at a rate of 2.1% in the last quarter of the year 2019 which has capped a year at the time when the growth has gone down by a significant margin because of a weaker economy of the world and the uncertainties of the trade war.
The department of Commerce has reported on this Thursday that the increase in the fourth quarter of GDP which is the total output of services and goods in the economy and has matched a gain of 2.1% in the 3rd quarter. In both of the quarters, it has been quite a lot below the surge of 3.1% in quarter 1.
For the quarter of October till the month of December, the growth was supported by a solid but slow spending of consumers and an improved level of the deficit of trade. The factors that had been offset by a further level of drop in the investments of business in newer plants as well as equipment and also a slowdown in the shelves of restocking stores.
In the entire year, there was an increase in the gross domestic product by 2.3% which is the weakest level performance in the last three years and a slowing down from a gain of 2.9% in the year 2018 when economy has been getting a boost from the tax cuts of Donald Trump and many billions of dollars in the increase in spending of government.
For the year 2020, the economists have been looking for a growth which is even slower close to 1.8%. However the outcome may be threatened by a lot of threats which are coming from the coronavirus in China for flaring the tensions of trade in China and United States.