US gross domestic product(GDP)shrinks to 2.9% in first quarter

The US economy suffered its worst performance for five years in the first quarter of 2014, a third and final official estimate has shown.The US Commerce Department said the economy shrank by an annualised rate of 2.9%

It was almost double economists' expectations for a fall of 1.7%,

A second estimate last month showed the economy shrank by 1%, blaming the unusually cold winter for the fall.

The gap between the second and third estimates is the largest on record.

Growth in the US economy has now been revised down by 3% since the first estimate.

 Source:The BBC