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The US economy grew at an annualised rate of 2.3 per cent in the fourth quarter, capping a year driven by the resilience of American consumers.
Thursday’s GDP figure from the Bureau of Economic Analysis compared with the 2.6 per cent expected by economists polled by Bloomberg and 3.1 per cent in the third quarter.
It comes a day after the Federal Reserve held interest rates, with chair Jay Powell saying that the strength of the economy meant the central bank did need to be “in a hurry” to cut borrowing costs.
The IMF expects the US economy to continue to outpace peers in Europe, Canada and Japan this year. Donald Trump’s pledge to cut taxes has raised expectations that US growth will remain robust.
This is a developing story
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