US growth slowed to its lowest level in three years in the first quarter of 2017, held down by falling business inventories and reduced public spending, the Commerce Department reported Friday.

Preliminary data showed GDP increased only 0.7 per cent in the first three months of the year, down sharply from the 2.1 per cent expansion seen in the fourth quarter of 2016.

The estimate fell well below analyst expectations and marked a somber start to the presidency of Donald Trump, who rose to power on a message of nationalist economic revival.

(AFP)

Preliminary data showed GDP increased only 0.7 percent in the first three months of the year

US growth slowed to its lowest level in three years in the first quarter of 2017, held down by falling business inventories and reduced public spending, the Commerce Department reported Friday. Preliminary data showed GDP increased only 0.7 per cent in the first three months of the year, down sharply from the 2.1 per cent expansion seen in the fourth quarter of 2016. The estimate fell well below analyst expectations and marked a somber start to the presidency of Donald Trump, who rose to power on a message of nationalist economic revival. (AFP)

US growth hits 3-year low at 0.7 per cent in Trump's 1st quarter

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US growth hits 3-year low at 0.7 per cent in Trump's 1st quarter