US economy grew 2.9 per cent in 2018, highest in 13 years

The US economy kicked into high gear last year, recording the strongest growth in 13 years in the wake of sweeping tax cuts and fiscal stimulus, government statistics showed Friday.

But the world's largest economy was slowing toward the end of 2018, suggesting the boom had begun to fade, according to the Commerce Department report.

GDP expanded by 2.9 per cent in 2018, up from 2.2 per cent the year before, approaching the target set by President Donald Trump.

But in the October-December period growth tapered down to an annual rate of 2.6 per cent, from 3.4 per cent in the third quarter.