(MENAFN) US gross domestic product (GDP) slowed sharply to 2.6 percent in the fourth quarter of 2014 as slowing business investment and net exports offset strong personal spending Xinhua reported.
The GDP expanded at an annual rate of 2.6 percent in the final three months, the U.S. Commerce Department said in an advance estimate released on Friday. That was below market expectation of around 3 percent.
The US economy grew 4.6 percent in the second quarter after contracting in the first quarter of 2014. For the whole year, the economy expanded 2.4 percent, slightly higher than the 2.2 percent growth in 2013.
"Consumption growth continues to trend upward as consumers' economic optimism has reached its highest monthly level since 2004 and real wages have begun to rise," chairman of the Council of Economic Advisers said.
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