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US economy grew 3% in final quarter

US economy grew 3% in final quarter

30 March 2012 09:54 (UTC +04:00)

Baku - APA-Economics. The US economy grew at a solid pace in the final three months of 2011, but that growth likely slowed in the first three months of this year as businesses cut back on restocking their shelves.

The Commerce Department says the economy grew at an annual rate of three per cent in the October-December quarter.

The government’s third and final look at fourth quarter growth was unchanged from the previous estimate.

Slower growth in exports than previously estimated was offset by stronger growth in business investment.

Economists believe that growth slowed to around 1.5 per cent in the current quarter.

For the year, economists at JPMorgan believe the economy will grow 2.2 per cent, slightly better than last year’s 1.7 per cent growth.

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