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1st LD: U.S. Q4 economic growth revised down to 2.2 pct

Xinhua, February 27, 2015 Adjust font size:

The U.S. economy expanded at a 2.2 percent annual rate in the fourth quarter of 2014, revised down from the advance estimate of 2.6 percent, according to the second estimate from the U.S. Commerce Department released Friday.

The U.S. economy grew 5 percent in the third quarter and 4.6 percent in the second quarter after contracting in the first quarter of 2014. In 2014, the economy expanded 2.4 percent year on year, compared with an increase of 2.2 percent in 2013.

The Commerce Department said in a statement that the revised-down figure mainly reflected that the private inventory investment increased less than previously estimated.

The broad data in the fourth quarter showed a mixed picture for the economy. Personal consumption expenditures expanded at the fastest pace in four years, while business investment, government spending and exports decelerated. Endi