(MENAFN) US economic growth dropped in Q4 as businesses stepped up efforts to cut an inventory glut and a strong dollar and tepid global need on exports.
Additionally, gross local product grew at 0.7 percent annual rate, also as lower oil prices continued to undermine investment by energy firms.
The growth pace was in line with economist' prediction and trailed a 2 percent rate in Q3, while the economy increased 2.4 percent in 2015.
Furthermore, in Q4 businesses accumulated USD 68.6bn worth of inventory, which is down from USD 85.5bn in Q3.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.