WASHINGTON – The U.S. economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years.
The Commerce Department says the gross domestic product grew at an annual rate of just 1.9 percent in the October-December period, a slowdown from 3.5 percent growth in the third quarter. GDP, the broadest measure of economic health, was held back by a jump in the trade deficit.
For 2016, the economy grew 1.6 percent. It was the worst showing since 2011 and down from 2.6 percent growth in 2015.
President Donald Trump has set a goal of doubling growth through an ambitious stimulus program featuring tax cuts, deregulation and higher infrastructure spending.
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