The US economy saw a sharp slowdown in the fourth quarter, with GDP growth slowing significantly alongside weak export figures.

Gross domestic oroduct grew 0.7 percent in the fourth quarter, a significant decline from the 2 percent growth in the third quarter. Consumer spending also slowed, affected by an unseasonably warm winter, with a strong dollar and lack of demand having an impact on US exports.

The U.S. Federal Reserve, who recently took the decision to raise interest rates for the first time in a decade, acknowledged that growth had slowed, but insisted that “labour market conditions” improved. Though the Fed’s original plans was to continue raising rates slowly, recent market volatility is likely to weigh in on the decision.

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