U.S. economic growth slowed more than expected in the fourth quarter, with GDP rising at an annual rate of 0.5%, according to the U.S. Department of Commerce.

The slowdown was driven by weaker government spending and exports, partly linked to a 43-day federal funding lapse.

Consumer spending and investment still supported growth, but overall momentum fell sharply from earlier in the year.

The economy expanded 2.1% for all of last year, down from higher growth rates in prior years, The Hill has reported.

Rising energy prices and Middle East tensions also contributed to market volatility and increased U.S. fuel costs.