US GDP grows at 2.2 percent in Q1

According to government data released Friday, the US economy grew at an annualized GDP rate of 2.2 percent in Q1 2012, slower than the 3 percent growth recorded in Q4 2011. However, Q1 was the 11th consecutive quarter of economic expansion for the US. Data indicate the US is 6.8 percent or $861.1 billion larger than when the most recent recession ended in June 2009. But the US economy is only 1.3 percent larger than when the recession hit in late 2007. Strengthened consumer spending and increased residential building construction helped the US achieve positive growth during the quarter.