The US economy grew at an annual rate of 2.2% in the fourth quarter of 2014, down from 2.6% initially calculated, said Friday the Commerce Department.
By posting the second calculation on the evolution of Gross Domestic Product (GDP) between October and December, the Government also indicated that around 2014 the economy grew at a rate of 2.4%, the precise agency Efe.
Economists, however, confident that the slowdown was temporary. Many predict that growth will exceed 3% in 2015, which would give the nation the greatest economic growth in a decade. They say that the labor market has strengthened enough to generate strong consumer spending, adds The Associated Press.
For all of 2014, the economy expanded by 2.4%, more than the 2.2% of 2013.
Consumer spending, which accounts for 70% of economic activity, was a positive heading into the fourth quarter as it grew at an annual rate of 4.2%, compared with the initial estimate of 4.3%, but still is the highest level since the first quarter of 2006.
Friday‚Äôs report was the second of three estimates for GDP in the fourth quarter of 2014, the broadest measure of total goods and services.
The revision of the initial estimate of the fourth quarter was due largely to lower supply companies. Last month it was estimated that the increase in inventories added 0.8% to growth in the fourth quarter. But it was reduced to just 0.1% in the adjusted calculation. Anyway the changes will likely result in further growth in the current quarter because businesses will not have a load of unsold items.