US fourth quarter growth revised downward to 2.2%
February 28 , 2015
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.