Gross domestic product grew 2.2% in the fourth quarter of 2018, coming in less than the estimated 2.6% and serving as yet another sign of a looming economic slowdown.
This is also less than the third quarter’s GDP growth, which totaled 3.4%, according to the latest data from the Bureau of Economic Analysis.
On the whole, 2018 was a strong year for U.S. economic growth, with 8.2% growth in the first quarter and 2.1% in the second, and an annual growth of 2.9% – the strongest growth since 2015.
But it appears to have lost some momentum heading into 2019.
Why the backslide?
Blame a slowdown in business and consumer spending, state and local government spending and investment in homebuilding, the Commerce Department said.
That said, solid performance of personal consumption, non-residential fixed investment, federal spending and exports contributed to the growth rate in Q4.
Current dollar GDP increased 4.1% in Q4 compared with 4.9% in Q3.
The gross domestic price index increased 1.7% compared with 1.8% the previous quarter.
And finally, personal consumption expenditures increased 1.8% compared with 1.6% in Q3.
