Nose Dive: GDP Plummets to 0.1 Percent
The GDP took a nose dive in the last quarter, going from 2.5 percent growth to just 0.1 percent, far below economist’s expectations and prompting speculation that America could be headed for a double dip recession.
Just when a little global warming would have come in handy, the brutal winter weather may have also contributed to the glacial rate of growth. As Forbes reports:
The U.S. economy grew in the first quarter — but very, very, very slowly. Most economy watchers blame frigid winter weather for dampening forward progress but not everyone is convinced weather tells the whole story.
The Bureau of Economic Analysis’ advance estimate of first quarter 2014 real gross domestic product shows output produced in the U.S. grew at a glacial 0.1% rate. This is growth relative to fourth quarter 2013, when real GDP increased 2.6%. Economists were anticipating growth around 1.1%.
High taxes, Obamacare, job-killing regulations and economic uncertainty are all factors in the downturn.
Read more: Forbes.com
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