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US economy grows at slower pace than expected in Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/02/2015 (17:05)
According to a report released by the US Commerce Department, the US economy slowed in the fourth quarter of 2014. The country’s gross domestic product (GDP) increased 2.2% in the October- December period of 2014 after a 5% gain in the third quarter. The Commerce Department’s initial estimates called for a growth rate of 2.6% for the last three months ending December. However, the latest figure beat economists’ forecasts calling for an increase of 2% in a survey conducted by Wall Street Journal.

The deceleration in the country’s economy was attributed to a larger trade deficit stemming from higher imports and less stockpiling by businesses.

The report showed that business investment rose 4.8% in the last quarter to beat initial estimates which called for a 1.9% gain while government spending declined 1.8%. The country’s exports climbed 3.2% in the last quarter after increasing 4.5% in the previous quarter while imports also rose sharply.

For the full year of 2014, the US economy expanded 2.4%.
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