US economic growth weakest in two years

During the first quarter of this year, the US economy grew at the slowest rate in two years due to restrained consumer spending and as companies tightened their belts as a result of weak global financial markets and the drop in oil prices. The Commerce Department data, published last week, showed that GDP increased by a 0.5 per cent annualised rate following a 1.4 per cent fourth-quarter advance. This growth rate was less than the 0.7 per cent median projected by economists and was the third straight disappointing start of year. Data showed that unstable global markets and the drop in oil... This article is part of our premium content. Full story is available on Times of Malta Premium.

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