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US economic growth slows to 1.9% in first quarter of 2012
[Iran Press TV] The US Commerce Department has announced that the country's economic growth slowed to 1.9 percent in the first three months of 2012.The US Commerce Department statement said on Thursday that it lowered its gross domestic product (GDP) estimate for the first quarter of the year to 1.9 percent from an initial estimate of 2.2 percent. The downward revision has reportedly been largely due to a sharp increase in US trade deficit, decline in private investment and consumer spending, as well as strong rise in imports. Posted by: Fred 2012-06-01 |
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