We have noticed you are using an ad blocker
To continue providing news and award winning journalism, we rely on advertising revenue.
To continue reading, please turn off your ad blocker or whitelist us.
US GDP growth slowed to 0.1% in the first quarter of 2014, a 2.5% quarterly dip.
Analysts had anticipated lower growth after the economy suffered the third-coldest winter in US history. But most predicted returns of around 1.1%, and few expected such a huge drop.
It was the lowest quarterly growth the US economy has returned since the end of 2012, when it also reported growth of 0.1%.
The Bureau of Economic Analysis has attributed the collapse in growth to a slump in exports and a fall-off in domestic investment.
Exports fell by 7.6%, year-on-year, with investment falling by 7.6%.
Annualised consumer growth of 3% has been accredited with helping GDP stay in the black.
The lag in exports will concern Washington. Earlier in April, the Export-Import Bank of the United States, a government agency, had reported annual export growth of 9.2% in the year to February.
Part of the blame can be attributed to falling overseas demand, particularly in a slowing Chinese economy.