The US economy grew a modest 2.3% Q3Q in all of 2019, according to the second estimate of gross domestic product (GDP). This estimate left unchanged estimates released in late January, which predicted growth of 2.1% Q3Q in the final quarter of the year.

This was the slowest economic growth in the United States since President Donald Trump took office in January 2017, and confirms the slowdown seen throughout 2019, following the 2.9% 3QT recorded the previous year.

The GDP growth figures announced by the Department of Commerce in the second of its three estimates came as no surprise to private analysts, who had already anticipated that U.S. economic growth would remain unchanged.

Real GDP growth in the fourth quarter, according to government data, reflects "positive contributions" from personal consumption expenditures, federal government investment, exports, residential fixed investment, and state and local government spending.

Consumer spending, which accounts for two-thirds of economic activity, grew by 1.7% in the fourth quarter, a tenth of a percentage point less than estimated a month ago and a significant drop from the 4.6% in the previous quarter. However, the trade deficit also fell more than anticipated, providing the main driver of GDP growth in the final quarter of last year.

According to the latest revision, exports increased by 2.0% from October to December, instead of the 1.4% previously estimated, and imports fell by 8.7%, three-tenths more than previously announced.