The economy, sagging under the strain of lofty energy prices, grew at an annual rate of 1.6 percent in the final quarter of last year - a mediocre performance that nonetheless turned out to be slightly better than first thought.
The new reading on gross domestic product, released by the Commerce Department on Tuesday, did represent an upgrade from the 1.1 percent growth rate initially estimated for the October-to-December quarter. Still, economic growth under the new GDP figure - as well as the old one - was the slowest in three years and clearly showed a loss of momentum from the third quarter's brisk 4.1 percent pace.
Economists, however, said the economy is already rebounding smartly from the end-of-year lull. They predict growth will clock in at a robust 4.5 percent pace in the current January-to-March quarter.
No comments:
Post a Comment