It was the weakest growth rate since the third quarter of 2014. Household spending rose 0.7%, easing from a 4% increase in the prior quarter; fixed capital formation went up 3.1%, less than a 4% rise.
Meanwhile, government expenditure expanded at 4.8%, faster than the 3.5% increase in the last quarter of 2019, and net trade contributed negatively to growth as export dropped 3% (vs 5.6% in Q4 2019) and imports declined at a faster 5.8% (vs 0.1% in Q4 2019).
On a seasonally adjusted quarterly basis, GDP contracted 1.2%, after growing 0.4% in the prior period, Crostat said.
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