(VOVworld) – The US economy in the first quarter of 2014 is experiencing its worst growth in the last 5 years, although there is no indication that the world’s largest economy will recede into a depression.

Unusually bad winter weather contributed to the economy's poor performance.

A US Department of Commerce report said Wednesday that US gross domestic product (GDP) growth in the first 3 months shrank 2.9 per cent, which was worse than the 1 per cent previously estimated in May. The main reasons were unusually cold weather, a significant reduction of investment in non-civil construction, and defense budget cuts.