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2nd LD: U.S. economy almost stalls in Q1

Xinhua, April 29, 2015 Adjust font size:

U.S. real gross domestic product (GDP) increased at an annual rate of 0.2 percent in the first quarter this year, as uneven growth still haunted the world's largest economy amid a protracted weak recovery, according to an advance estimate released by the U.S. Commerce Department on Wednesday.

Personal consumption, which accounts for about 70 percent of the U.S. economy, grew 1.9 percent, compared with an increase of 4.4 percent in the previous quarter.

Non-residential fixed investment shrank while residential investment sharply slowed. Exports contracted 7.2 percent, compared with an increase of 4.5 percent, as a stronger dollar sapped demands for U.S. goods.

The U.S. economy typically experienced harsh times in the first quarter in recent years. It contracted 2.1 percent in the first quarter of 2014, as the unprecedented chilly winter weather pummeled business investment and consumer spending.

The sharp slowdown this year is blamed for a bout of blizzards and a strong dollar's drag on exports.

The U.S. economy grew 2.2 percent in the fourth quarter of 2014, and 5 percent in the previous one. Endi