Economic growth south of the border slowed in the final part of 2018, with Gross Domestic Product posting a gain of just 2.2% in the fourth quarter.
The final reading of information supplied Thursday by the U.S. Commerce Department was in line with expectations of economists surveyed by Dow Jones. That was down from the previous estimate of 2.6% and leaves full-year growth at 2.9%. Third-quarter growth registered 3.4%. In all, 2018 was the best year for the economy since 2015 and well above the 2.2% ncrease in 2017. The economy grew 3% when compared with the fourth quarter of 2017.
The department added that consumer spending as well as government expenditures at the state and national levels and non-residential fixed investment all were revised down and subtracted from the GDP. Imports also were revised lower amid continuing tensions between the U.S. and its global trading partners.
Exports increased by 1.8% while imports were up 2%.
In addition to the waning GDP growth, corporate profits edged lower in the fourth quarter but finished the year up 7.8%, compared with 3.2% in 2017. Companies benefited from the White House-backed tax cut that slashed the corporate rate to 21%
The quarter concluded a year of growth that still proved a bit slower than what President Donald Trump was hoping to see.
In the first full year for the administration's massive tax cut approved in 2017, GDP growth fell short of the 3% goal that the president had promised.
