Last Year US Economic Growth Rate 2.3%... Lowest Under Trump Administration

[Asia Economy New York=Correspondent Baek Jong-min] The United States' annual economic growth rate for last year was recorded at 2.3%, marking the lowest growth rate since the inauguration of the Donald Trump administration.

The U.S. Department of Commerce announced on the 30th (local time) that the GDP growth rate for the fourth quarter of last year was 2.1%. This was the same level as the third quarter growth rate and matched market expectations, but on an annual basis, it remained the lowest level since President Trump's term began.

Last year, the U.S. quarterly economic growth rates were like a roller coaster. It reached 3.1% in the first quarter, shrank to 2.0% in the second quarter, and only slightly recovered to 2.1% in the third and fourth quarters. The Trump administration recorded a growth rate close to 3% at 2.9% in 2018, based on large-scale tax cuts at the end of 2017.

Investment, consumption indicators, and export sluggishness affected the GDP growth rate. Corporate investment, which reflects investment activity, decreased by 1.5% in the fourth quarter, marking the third consecutive quarter of decline. Personal consumption expenditures, which account for two-thirds of the U.S. economy, increased by only 1.8% in the fourth quarter, showing a sharp decline from 4.6% in the second quarter and 3.2% in the third quarter. The Federal Reserve (Fed) also revised the phrase in its statement after the previous day's interest rate hold decision from saying personal spending was expanding "strongly" to "moderately."

The Wall Street Journal (WSJ) evaluated, "This indicator shows that the U.S. economic growth is slowing down and retreating at a steady pace."

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