US growth hits three-year low amid protectionism

Marked a somber start to the presidency of Donald Trump, who hits his first 100 days on Saturday

WASHINGTON: United States growth slowed to its lowest level in three years in the first quarter as consumer spending and government expenditures tumbled to their lowest amounts in years, the Commerce Department reported Friday.

Preliminary data showed Gross Domestic Product (GDP) increased only 0.7% in the first three months of the year, down sharply from the 2.1% expansion seen in the fourth quarter of 2016.

Though only slightly below the 0.8% increase in the same quarter of last year, the pace fell well below analyst expectations for 1.1% GDP growth.

It also marked a somber start to the presidency of Donald Trump, who hits his first 100 days in office on Saturday and rose to power on a message of nationalist economic revival. Trump has taken credit for increased consumer confidence, growing employment and record gains on the stock market in recent months.

Published in The Express Tribune, April 29^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.