U.S. GDP grows 2.2 percent in first quarter, slower than expected
2012-04-28 15:47:26
The rate of growth of the U.S. economy slowed more than expected in the first quarter of 2012, according to figures released Friday by the Commerce Department.
The initial estimate of growth in the U.S. economy showed a 2.2 percent growth rate, down from the 3 percent growth posted for the final quarter of 2011.
Most economists had expected the growth in the economy to drop from the 3 percent rate in the fourth quarter of 2011 though many forecast a somewhat stronger 2.5 percent growth rate.
The Commerce Department cautioned, however, that the initial estimate released Friday is based in part on incomplete data and is subject to revision.