April 27, 2007
Energy costs, weak housing hamper GDP growth
By Matthew L. Brown
The U.S. Department of Commerce reported gross domestic product growth slowed to 1.3 percent during the first quarter of 2007.
That growth rate is the slowest in four years, according to the department, which pegged rising fuel and energy costs and a weak housing market as culprits for the GDP slowdown.
Over the past four quarters, the economy has grown 2.1 percent, the slowest rate since 2003, the department said.
First quarter growth was fueled by consumer spending, state and local government spending, and business investments.
Sales of domestic product increased 1.6 percent, the skinniest growth margin since a 0.3 percent decline in the fourth quarter of 2005.
That growth rate is the slowest in four years, according to the department, which pegged rising fuel and energy costs and a weak housing market as culprits for the GDP slowdown.
Over the past four quarters, the economy has grown 2.1 percent, the slowest rate since 2003, the department said.
First quarter growth was fueled by consumer spending, state and local government spending, and business investments.
Sales of domestic product increased 1.6 percent, the skinniest growth margin since a 0.3 percent decline in the fourth quarter of 2005.
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