(MENAFN) US economy in the fourth quarter of 2014 expanded at a slower pace than estimated despite robust growth of personal consumption spending, Xinhua reported.
According to the second estimate from the US Commerce Department, the economy expanded at a 2.2 percent annual rate in the fourth quarter, revised down from the advance estimate of 2.6 percent.
The economy grew 5 percent in the third quarter and 4.6 percent in the second quarter after contracting in the first quarter. In whole 2014, the economy expanded 2.4 percent on-year.
The Commerce Department said in a statement that the revised- down figure mainly reflected that the private inventory investment increased less than previously estimated.
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