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US economic growth in middle of global pack

Updated at: 04/26/2013 3:36 PM
By The Associated Press
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

(Copyright 2013 by The Associated Press. All Rights Reserved.)