News

Strong Q4 Growth for US Economy
27/01/2012

Gemma Stephenson

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Newly released official figures show that the US economy grew faster than expected in the last 3 months of 2011.

Annually, the economy saw a 2.8% growth according to the Commerce Department, which was up from the 1.8% recorded in the previous quarter.

Despite the growth, the reported figures are slightly lower than the 3% forecasted by analysts, with many businesses opting to stockpile goods rather than selling them.

Stockpiling lifted the figures however economy experts believe that this will have a negative effect on figures for the first quarter of 2012.

Consumer spending also saw a rise, increasing to 2% from the 1.7% recorded in Q3 2011, with the rise in sales figures of new cars cited for the rise.

Speaking about the figures in a session at the World Economic Forum, Davos, US Treasury Secretary Timothy Geithner commented, “I think it's probably worth recognising that we still face tremendous challenges.

"As a country, we are still repairing the damage caused by the devastating financial crisis that still has huge lasting impact on the basic fortunes of most Americans."

Stating that the housing, construction and unemployment levels were still impacting the growth of the economy, Geithner added that it’s reasonable to expect the US economy to grow between 2% and 3% in 2012.

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