The economy grew at an annual rate of 2.1% in the fourth quarter of 2019, the Bureau of Economic Analysis reported Thursday.
The growth rate for the year was 2.3%, adjusted for inflation, the lowest such mark since 2016.
Forecasters had expected a 2% growth rate for the quarter.
Thursday’s report is the bureau’s first of three estimates of real gross domestic product growth for the quarter, with each revision providing a more complete picture of the country’s economic activity.
For the prior quarters in 2019, GDP increased at an annual rate of 2.1% in the third, compared with 2% for the second, and 3.1% for the first.
Lower consumer spending restrained fourth-quarter GDP growth, a trend that is expected to continue into 2020. For the fourth quarter, consumer spending increased by 1.8%, compared with 3.2% in the third quarter and 4.6% in the second quarter.
