WASHINGTON – The U.S. economy expanded at an annualized real 2.1 percent in the October to December period, unchanged from the preceding quarter, the Commerce Department said Thursday.
The growth in terms of inflation-adjusted gross domestic product was in line with the average market forecast.
In 2019, the U.S. economy expanded 2.3 percent, slowing from the 2.9 percent growth a year before and falling below 3 percent, a goal advocated by President Donald Trump’s administration.
According to the department, private consumption, which accounts for two-thirds of the world’s largest economy, rose 1.8 percent in the fourth quarter of last year, down from 3.2 percent in the third quarter.
Nonresidential private investment, a measure of business spending, decreased 1.5 percent, compared to a 2.3 percent decline.
Exports grew 1.4 percent, following a 1.0 percent increase in the preceding quarter, while imports dropped 8.7 percent, after gaining 1.8 percent.
GDP measures the total output of goods and services within a country’s borders.