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US fourth quarter growth revised downward to 2.2%

  • Official data have shown that the slowdown in the American economy in the last quarter of 2014 was greater than previous estimates.

    The US economy grew at 2.2% in the October-to-December period compared to the previously thought annual pace of 2.6%, the commerce department has said.

    The revised figures are mainly due to a slower than previously estimated increase in business inventory investment.

    In the third quarter, the world’s largest economy had registered a 5% growth. Increasing imports and a downturn in state spending caused the slowdown in the fourth quarter.

     

     

    Tagged as: US data, US economy, last quarter, business inventory investment, imports, downturn, US growth, business news