The US economy ended 2016 with GDP growth of 1.9 percent in the fourth quarter, a sharp drop from the 3.5 percent achieved in the previous three months and below analysts' expectations.

The annual growth rate in 2016 was 1.6 percent, the worst performance since 2011, the Commerce Department said on Friday.

In the last three months of the year, growth slowed sharply due to a big fall in exports linked to a plunge in shipments of soybeans.

The fourth quarter saw steady consumer spending, rising business investment, and a rebound for home construction and stronger spending by state and local government.

New president Donald Trump is seeking to more than double the growth rate in the face of long-term headwinds.

Trump promised to raise growth to four percent a year, something that has not happened since the late 1990s.

On the campaign trail, Trump said the US can achieve stronger growth by cutting corporate and individual taxes, building more roads and bridges, rolling back federal regulations and withdrawing from trade deals.

Some economists predicted stronger growth of US economy in the next few years, but many are skeptical.

Economic growth "has been restrained in recent years by a variety of forces depressing both supply and demand, including slow labor force and productivity growth, weak growth abroad and lingering headwinds from the financial crisis," Federal Reserve Chairwoman Janet Yellen argued in a speech at Stanford University last Thursday. "Although I am cautiously optimistic that some of these forces will abate over time, I anticipate that they will continue to restrain overall growth over the medium term."

US stock markets were mainly trading lower on Friday afternoon after fourth quarter growth fell short of estimates. The three major large-cap indexes hit record highs earlier in the week.