US economic growth slowed to 1.9 per cent rate in fourth Quarter

President Donald Trump has promised that the US growth rate would double under his Presidency. (Source: Reuters)

The US economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years. The Commerce Department says the gross domestic product grew at an annual rate of just 1.9 per cent in the October-December period, a slowdown from 3.5 per cent growth in the third quarter. GDP, the broadest measure of economic health, was held back by a jump in the trade deficit.

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For 2016, the economy grew 1.6 per cent. It was the worst showing since 2011 and down from 2.6 per cent growth in 2015. President Donald Trump has set a goal of doubling growth through an ambitious stimulus program featuring tax cuts, deregulation and higher infrastructure spending.