The U.S. economy slowed substantially in Q4 2007 to a 0.6% annualized rate, the U.S. Commerce Department announced Thursday, in its final estimate for the quarter. It was the slowest annualized growth rate since 2002.
Economists surveyed by Bloomberg News had expected the final Q4 2007 GDP statistic to be 0.6%.
For 2007, the U.S. economy grew 2.2%, after adjusting for inflation -- its slowest growth rate in five years. The U.S. economy grew 2.9% in 2006.
In dollar terms, U.S. GDP in 2007 totaled $13.84 trillion, not adjusted for inflation.
In Q4 2007, business inventories increased 6%, exports increased 6.5%, government spending rose 2%, imports fell 1.4% and residential investment plummeted 25.2%.
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