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US Economic Growth in 4th Quarter of 2000 Lowest in Past Five Years
The US economy grew in the fourth quarter last year at the slowest pace in five and a half years and profits fell for the first time since 1998, the New York Times said on March 30.
The gross domestic product expanded at a 1 percent annual pace in the final three months of 2000, after a 2.2 percent pace in the third quarter, the newspaper quoted a report of the US Commerce Department as saying.
According to the report, a slower buildup in inventories, a decline in auto production and weaker consumer spending led to the slowdown. Business spending on software and equipment fell for the first time in almost 10 years.
The latest figures released by the Commerce Department showed that fourth-quarter growth was slower than the previously estimated 1.1 percent annual pace, mostly because inventories rose less than originally calculated.
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