The U.S. economy sharply slowed in the fourth quarter of 2015 as consumers were tightening their wallets despite the ultra-low gas prices.

The gross domestic product (GDP) increased at an annual rate of 0.7 pct during October-December, according to the advance estimate released by the Commerce Department on Friday.

Consumer spending, which accounts for about 70 percent of the U.S.economy, added 2.2 percent, a sharp brake from a growth of 3 percent in the third quarter.