US GDP growth slowed in the fourth quarter

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US GDP in the fourth quarter of last year slowed growth to 2.2% in annual terms against a 3.4% rise in the previous quarter. Thus, the country's Department of Commerce revised downward its preliminary estimate of a 2.6% growth. Economists had expected the revised growth estimate to be at 2.3%. At the same time, the growth rate of the US economy over the whole 2018 remained unchanged - at the level of 2.9%. Compared with a growth of 2.2% in 2017, the pace of economic growth last year accelerated and became the highest since 2015. In the fourth quarter, consumer spending rose by 2.5% year-on-year, while government spending showed a decrease of 0.4%. For the quarter, corporations reduced pre-tax profits for the first time since the beginning of 2017, their figure fell by 0.4%. At the same time, relative to the same quarter of the previous year, the profit increased by 7.4%.

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