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U.S. economic growth in fourth quarter of 2015 revised up to 1.4 percent

Xinhua, March 25, 2016 Adjust font size:

U.S. economic growth in the fourth quarter of 2015 was revised up Friday, as consumer spending grew faster than previously reported.

U.S. gross domestic product (GDP) increased at an annual rate of 1.4 percent during the September-December period of 2015, higher than the second estimate of 1 percent, the U.S. Commerce Department said.

In 2015, the real GDP increased 2.4 percent, the same rate as in 2014.

The upward revision was largely due to faster growth in consumer spending than previously estimated, which grew 2.4 percent in the fourth quarter, higher than the second estimate of 2 percent increase.

In contrast, fixed investment in structures, which include oil and gas wells, declined 5.1 percent, as oil-related investment dropped sharply due to low oil prices.

The strong U.S. dollar continues to weigh on the economy, with net exports subtracting 0.14 percentage point from the GDP growth in the quarter. Endi