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U.S. economy growth slows down to 0.7 pct in Q1 |
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13:45, June 29, 2007 |
The U.S. economy grew at an annual rate of 0.7 percent in the first quarter of 2007, much slower than the 2.5 percent pace in the final quarter of last year,marking the weakest showing in more than four years, the Commerce Department reported Thursday.
The growth rate in real gross domestic product -- the output ofgoods and services produced by labor and property located in the United States -- was slightly higher than the 0.6 percent pace previously estimated.
The final reading disappointed economists who had been expecting a 0.8 percent growth pace for the first three months.
The deceleration in real GDP growth in the first quarter primarily reflected an upturn in imports, a deceleration in exports, a downturn in federal government spending, and a deceleration in personal consumption expenditures for non-durable goods, the report said.
Source: Xinhua
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