The U.S. economy’s slow but steady growth has fallen somewhere in the middle of the global pack. It’s managed to stay ahead of most other developed countries, many of which teetered on the edge of recession last year. But U.S. growth has lagged behind faster-growing emerging economies.
The Commerce Department said Friday that the economy expanded at a 2.5 percent annual rate from January to March, driven by the biggest gain in consumer spending in two years. That’s roughly in line with last year’s growth of 2.2 percent.
Here are the growth rates for the world’s 10 largest economies last year:
|Country||2012 growth rate||Explanation|
|United States||2.2 %||Slow but steady growth, held back by gov’t spending cuts|
|China||7.8 %||Down from 9.3 pct. in 2011 as Europe’s crisis slows exports|
|Japan||2.0 %||More government spending, weaker yen has boosted growth|
|Germany||0.7 %||European recession slowed growth from 2011′s 3 percent|
|France||0.0 %||Recession in neighboring countries has dragged on economy|
|United Kingdom||0.3 %||Tough budget cuts have slowed growth|
|Brazil||0.9 %||Country is battling inflation after years of rapid growth|
|Russia||3.4 %||Russia’s economy has benefited from high oil prices|
|Italy||-2.4 %||Financial crisis has forced steep spending cuts, slowing growth|
|India||4.1 %||Less foreign investment has slowed growth from 8-9 pct. pace|
|Sources: OECD, IMF|